07/03/2002

Halifax report continuing rise in house prices

House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax.

The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.

Between January and February 2002, house prices rose by around 1.5 per cent on average, meaning that the average house price now stands at just under £102,000.

The results confirm the findings of a housing market survey undertaken by the Nationwide building society, which revealed a growth rate of 14 per cent over the past twelve months, and an increase of 1.6 per cent between January and February this year.

While some regions are showing signs of a decrease in house prices - with certain areas of Scotland reporting a fall – these latest reports indicate that the expected slowdown in the housing market could be some time in coming, with Thursday's decision by the Bank of England to keep interest rates unchanged at 4 per cent helping to ensure that cheaper mortgages will continue to underpin the growth in property prices.

(CL)

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