8 Dec

New house prices figures indicate "more buoyant" 2010

New house prices figures indicate "more buoyant" 2010

The Royal Institution of Chartered Surveyors (Rics) has reacted positively to the fifth successive rise in house prices since the summer.

According to Halifax's latest house price index, property values rose by 1.4 per cent in November to reach an average of £167,664.

Commenting on the figures, chief economist at Rics Simon Rubinsohn said that the index suggests "a more buoyant picture" for the UK property market going into 2010.

He noted that November's price increase on the Halifax index follows gains of 1.1 per cent and 1.5 per cent in the previous two months.

"On a straight year on year comparison, house prices on this index are now higher than they were a year ago, although still 16 per cent down from the high water mark," Mr Rubinsohn commented.

Martin Ellis, housing economist at Halifax, said that estate agents have seen prices rise for the last few months as a result of higher demand and a relatively low level of available properties.
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