For the month of December, house prices managed to rise for the sixth consecutive month, which resulted in the first yearly growth recorded since March 2008, as has been confirmed by figures shared by Halifax.
A rise of 1% was recored by the cost of an average house to 169,042 Pounds, which is a rise of 9.4%, or 14552 Pounds, as compared to the lowest level hit in April 2008. Prices had declined by
23% from August of 2007.
Official data has confirmed that there has not been an annual rise, which Halifax calculates by comparing the average cost over the latest three month with the same period for the previous years, for 21 long months.
"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. Overall, our current view is that house prices will be flat during 2010", said Halifax housing economist Martin Ellis.
According to Halifax, the Lloyds owned lender, substantial cuts in interest rates and the latest improvements recorded in the labor market are the two main factors leading to the improved property market, but caution is still in the air.