11 Mar

January house prices 'rise'

January house prices 'rise'

House prices grew in January by 1.7 per cent, according to new figures released by the Department for Communities and Local Government (DCLG).

Despite this monthly rise from December's, annual house price inflation dipped to eight per cent, the department revealed.

The DCLG cited price rises in bungalows, terraced housing and detached homes for the hike in monthly figures.

On average, a house in the UK now costs £221,758, up from £218,007 in the last month of 2007, it claimed.

UK & European economist at Global Insight Howard Archer claimed that a definite pattern is emerging.

"Taking an overall view of the housing market, including the latest surveys by the Nationwide and the Halifax, it appears house prices are cooling markedly but not collapsing at this stage," he commented.

In related news, the Financial Times said last week said that house prices have gone up in February, by 0.5 per cent. ADNFCR-1222-ID-18504275-ADNFCR

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