28 Feb

Price of houses for sale in UK rises by 0.2%

Price of houses for sale in UK rises by 0.2%

Growth in the UK housing market in 2011 could be more likely as a result of increased house prices.

The Land Registry's House Price Index has revealed that the average house price has grown by 0.2 per cent since December 2010.

The average property is now valued at £163,177, according to January's figures.

In addition, certain areas of the UK have also seen average house prices rise in the last 12 months.

The average price of property for sale in London increased by 2.4 per cent in 2010.

Houses for sale in London and the South West also experienced the greatest monthly rises of 1.6 per cent.

However, annually UK house prices fell by 0.9 per cent, which could help first-time buyers to secure property for sale in 2011.

People trying to get onto the property ladder could also benefit from Leeds Building Society's plans to increase mortgage lending by 25 per cent in the coming year.

The building society plans to lend approximately £1.25 billion in the next 12 months, to provide more "capacity and choice" to the UK market.

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