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Property prices continue to rise

Property prices continue to rise

Category: Mortgages

Updated: 08/05/2013
First Published: 08/05/2013

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Figures released by the mortgage lender Halifax have revealed a quarterly increase in UK property prices.

Between February and April this year, house prices grew by 1.3% compared with the previous three months in 2012, representing the fifth successive quarterly increase. On an annual basis, prices increased by 2%.

Despite continued house price growth, levels of activity in the housing market are reported to have remained flat over the three months period.

Additional figures from the Bank of England recently revealed a 1% fall in volumes of mortgage approvals between quarter four of 2012 and quarter one of this year.

Martin Ellis, housing economist, said that whilst house prices continue to grow, low levels of market activity was concerning.

"The number of mortgage approvals for house purchases, a leading indicator of completed house sales, eased slightly in the first quarter of 2013," he said.

"Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of 2013."

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