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House prices up 4.6%

House prices up 4.6%

Category: Mortgages

Updated: 06/08/2013
First Published: 06/08/2013

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 It is now over 6 months old so the content may be out of date.

House prices increased by a significant 4.6% in the three months to July when compared to a year ago, Halifax's latest House Price Index reveals.

Last month's figure is the highest recorded annual increase since August 2010.

When compared to the previous three-month period, house prices were shown to be 2.1% up.

Halifax also revealed that total purchase transactions rose 6% in the first half of this year when compared to 2012.

This rise is the latest in a number of figures showing improvements in the housing market and overall economy.

Last week, Nationwide Building Society also recorded the biggest year-on-year rise in nearly three years.

Its latest House Price Index showed prices were 3.9% higher than July last year.

"Signs of improvement in the economy, underlined by the recent evidence of a rise in gross domestic product in Quarter 2 and increases in employment, appear to have boosted consumer confidence," said Martin Ellis, housing economist at Halifax.

"House prices are expected to continue to rise gradually through this year with only modest economic growth and still falling real earnings constraining housing demand and activity."

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