05/09/2001

Halifax report houses prices are continuing to rise

The latest figures released by leading mortgage lender Halifax have shown that the annual rate of house price inflation has hit 10.9 per cent.

The Halifax, UK’s largest mortgage bank, also revealed that that house prices in August rose by 1.5 per cent, more than twice the increase seen in July.

The bank has suggested that low interest rates and strong consumer confidence have been behind the latest upsurge in house prices.

According to the bank, the average price of a UK house is now £94,101, a rise of just under £9,000 compared to the beginning of the year.

This latest housing forecast from the Halifax follows a Nationwide report on Tuesday which forecast that any housing slowdown would not kick in until next year at the earliest.

The Nationwide forecast a similar level of annual inflation to the Halifax, after it revised up its original estimate to 11 per cent on Tuesday.

However the Nationwide report did not consider that a reversal in the trend would be felt until next year. (MB)

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