Scrambling to meet demand.

RMI recovery piggy-backs house price rise

Published:  07 October, 2009

LONDON: Hope of some recovery in the RMI sector were helped by news of house price rises last month.

This represents a rise for the third consecutive month, the Halifax said in its latest survey.

The average UK house price in September was £163 533. This is 5.9% – or £9000 more than when prices hit their trough in April this year, according to the building society.

Martin Ellis, the organisation's housing economist, said: "The combination of increased demand and a low level of properties available for sale has pushed up house prices in recent months.

"The marked improvement in affordability due to the reduction in both property prices and interest rates since mid 2007 has been a key factor in stimulating higher demand."

Encouraging news, too, from Britain's largest retailer, Tesco: its chief executive, Sir Terry Leahy said today that the UK economy is through its low point.

Mr Leahy said he expected a recovery for the economy to be "slow and steady" as customers benefit from low interest rates and low inflation.

His comments came as Tesco, now the world's third-biggest retailer, posted a better-than-expected 8.6% rise in underlying first-half profit.

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