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House prices on the up

House prices on the up

Category: Mortgages

Updated: 05/04/2013
First Published: 05/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The latest House Price Index published by Halifax has indicated some marginal improvements in the UK housing market during March with the value of an average home reaching £163,943.

During March, the price of a typical home increased by 0.2% compared with February, whilst on a yearly basis, prices rose by 1.1%.

Average property prices during the first quarter of this year were also found to be 1.2% higher than in the final quarter of 2012.

Activity in the housing market also took a turn for the better, with levels of property sales recorded in February up by 10% compared with the same month last year.

Buyer activity is expected to continue to improve as a result of Government initiatives to assist buyers, such as the recently announced Help to Buy scheme, which intends to increase the supply of high loan-to-value mortgages and boost the number of new homes being built.

Martin Ellis, housing economist at Halifax, said: "Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of this year.

"Overall, we expect to see a modest increase in UK house prices during 2013."

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