House prices end year on high
House prices in the UK have ended the year on a high following six consecutive months of growth.
The latest house price index from Halifax Bank revealed a 1% growth in prices in December 2009, which equates to an annual increase in prices of 1.1%. The average cost of a house in the UK now stands at £169, 042.
Since the lowest point of the market in April 2009, prices have increased by 9.4%. The signs point to the market being on the road to recovery as the last three months of the year experienced the largest quarterly price increase since 2006.
Martin Ellis, a housing economist, said: "Prices increased for the second successive quarter following falls in both the first two quarters of 2009... The prospects for the market this year will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale."
Statistics released from property website Zoopla.com this week revealed that confidence in the market was up as 81% of people expect prices to rise in the current year.
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