16 Feb

House prices 'increased in December'

House prices 'increased in December'

Average house prices around the UK increased by 0.8 per cent in December, compared with the previous month, according to new data.

Figures published by Communities and Local Government (CLG) revealed that property values now stand 2.9 per cent higher than they did in the same month one year earlier.

This puts the average house price in the UK at £200,307, the organisation revealed.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS), welcomed the research and stated that it adds "further evidence of the recovery in the residential market".

He added that RICS expects the improved availability of finance to help push prices higher over the next few months.

However, Mr Rubinsohn noted that the second half of 2010 could present more challenges to the industry, with the possibility of further fiscal restrictions due to a general election and the increase in the higher tax bracket - factors that could potentially contribute to slow the market.ADNFCR-1222-ID-19619154-ADNFCR

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