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House prices rise in December 2009

Thu 07 Jan 2010

Property values in the UK continued to go up last month, according to new figures.

The latest house price index from Halifax showed that values rose by one per cent in December 2009 - the sixth consecutive monthly increase.

This means that by the final quarter of the year, the average house price in Britain stood at £169,042 - 3.5 per cent up on the previous quarter.

Halifax attributed the increase to demand outstripping supply and noted that improving market conditions are prompting more people to put their property up for sale.

As a result, the UK saw the biggest quarterly increase since the end of 2006, when a 4.2 per cent rise in house prices was recorded.

Halifax added that demand for housing has been supported partly by improved conditions in the labour market, as employment went up by 53,000 in October 2009.

However, Firstrung has said it believes the current rate of growth in the housing market is unsustainable, which means prices will drop again over the next two years.
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