3 Oct

British house prices up by 2 per cent

British house prices up by 2 per cent

A steady increase in property value has led to a rise in equity for some homeowners.

September - and the three months preceding it - has seen a two per cent increase in house prices, according to figures released by the recent Halifax House Price Index.

In comparison with the same three months to September last year, the average house price is higher by 6.2 per cent.

The survey shows an increase from the previous quarter, but figures are still slightly below the increases that were reported in June, July and August.

A pickup in demand has seen more people able to put their properties on the market, and the current boost in house prices is also having a positive impact.

Housing economist Martin Ellis said: “Housing demand has risen more quickly than supply in recent months, putting upward pressure on prices.”

Mr Ellis went onto say that demand for houses has increased due to low interest rates and higher consumer confidence.

These figures could suggest sustainable recovery within the housing sector.

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