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House prices rise in February

House prices rise in February

Category: Mortgages

Updated: 06/03/2013
First Published: 06/03/2013

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The average price of a home in the UK rose monthly by 0.5% during February to £163,600, latest figures from Halifax have revealed.

Between December 2012 and February this year prices rose by 1.9%, the third such increase recorded by the lender and the largest since September 2010.

Levels of activity in the housing market also improved over the three month period, with 83,320 homes sold in January 2013, compared with 82,280 in December 2012. Despite being a rather moderate increase, the figure reflects the seventh consecutive monthly increase in property sales.

Martin Ellis, housing economist at Halifax, said: "We expect to see a national increase in house prices over the course of 2013.

"Weak income growth and continuing below-trend economic growth, however, are likely to remain significant restraints on housing demand."

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