Mortgage lender notes house price rise
08 December 2009 16:21:47
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| Low interest rates on mortgages could have increased buyer demand. |
Halifax said that the cost of the typical property reached £167,664 in November 2009, 1.4% higher than a month before.
This means that house prices rose by 3.7% over the past three months, but are still 1.6% lower than they were this time a year ago.
Low interest rates from the Bank of England and an easing of credit criteria from lenders could have contributed towards the trend.
Improving economic conditions, with the UK expected to register GDP growth during the fourth quarter of 2009, is also likely to have improved buyer sentiment.
Martin Ellis, economist at the Halifax, said: "Somewhat higher demand has combined with a low level of properties available for sale to push up prices."
He added: "Further ahead, the prospects for the market will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale."
Separate research from building society Nationwide registered a 0.5% increase in house prices during November 2009.
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