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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

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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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