11 Feb

House prices 'show small rise'

House prices 'show small rise'

Although house prices increased slightly in December, the overall market is still cooling down, according to figures released by the Department for Communities and Local Government.

While the average mix-adjusted price of a property in the month rose from £218,662 to £219,691, annual inflation dipped to 9.1 per cent, the department said.

A property economist at Capital economics, Ed Stansfield, commented that the statistics prove the market has become subdued.

"Over the previous five Decembers, prices have risen by an average of more than one per cent month on month. The annual inflation rate fell to 9.1 per cent in December, down from 12.4 per cent in the summer," he told the Associated Press.

He added that the Bank of England's recent decision to trim the base rate of interest to 5.25 per cent is not enough to restore confidence in the market.

In January, house price inflation stood at 4.5 per cent, recent data from the Halifax suggested, as reported by the BBC.ADNFCR-1222-ID-18463032-ADNFCR

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