Saturday, February 20, 2010
Category:
Property
According to the Halifax House Price Index, house prices increased by 0.6 percent in January.
This marked the seventh consecutive month of increases, though January’s rise was reportedly the lowest – far below the 1.1 percent average recorded throughout the preceding six months. The average house price now stands at £169,777.
The Halifax Price Index also revealed a 9.9 percent increase in house prices since a low in April of last year, which is equivalent to £15,287. This comes following a 23 percent decline between August 2007 and April 2009.
In relation to annual comparisons, it was found that house prices were 3.6 percent higher in January, which represented the most substantial annual rate of change. This was measured by comparing the average for the latest quarter against the same period a year earlier, at which time the comparable rate was minus 17.2 percent.
Martin Ellis, housing economist, commented: "House prices rose by 0.6% in January. This was the seventh successive monthly increase and takes the average price to 9.9% above its trough in April 2009. January's rise, nonetheless, was more modest than in any of the previous six months.
The marked reduction in interest rates over the past 15 months has, from a low base, boosted housing demand from those with a sufficient deposit to enter the market. Increased demand has combined with a low supply of properties available for sale to push up prices.
There are some signs that more people are putting their homes on the market. Further increase in the supply of property is possible over the coming months, which would help to curb upward pressure on prices. Overall, our current view is that house prices will be flat during 2010."
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Homeowners who have recently moved into a new property, but do not have the funds required to get it entirely up to scratch, could consider taking out a secured loan for
home improvements. One of many finance options available, a secured loan for home improvements could allow borrowers to rectify any problem areas in addition to putting their personal stamp on their new home. Furthermore, a secured loan could be used to increase living space by means of an extension of conservatory if desired. This could also be achieved by converting an unused attic into an office or extra bedroom for example.
