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house prices rise
According to the Halifax, house prices rose for the second month in succession, gaining 0.8% in August compared to July.
However, whilst this is positive news, the same survey showed that property values are still 10.1% lower in the three months to August compared with the same period a year ago, with the average UK home valued at £160,973 in August 2009 (£13,268 less than August 2008).
It is thought that the recent rise in prices has been caused by a lack of supply in a time of greater demand for homes due to low interest rates and better affordability. If more properties enter the market to take advantage of the increase then prices are expected to flatten again.
Many economists are predicting a fluctuating housing marketing over the coming months, prices reflecting basic supply and demand trends which will in turn be dictated by base interest rate changes, mortgage offers, unemployment levels and general optimism/pessimism in any economic recovery.
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