House Prices Up 5.2%

Date Published 09 January 2008

Todays Daily Express front page quoted that Britains struggling housing market received a huge boost yesterday as the country`s biggest mortgage lender announced a rise in property prices.

The Halifax bank says its figures for December show that the market grew 5.2 % year - on - year - dispelling scaremongering predictions that prices will fall this year.

The bank also reported a 1.3 % hike in house values during December itself,all but wiping out falls in the previous three months.

It is the biggest monthly rise since February last year and gives further ammunition to experts who predict that property prices will continue to rise steadily this year.

Overall, the value of the average home in the UK now stands at £197,039 - around £11,759 more than at the start of last year.

The Halifax expects price rises to slow in 2008 but says this should be seen in the context of a 182% surge in property prices over the past years.