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Average UK house price rises to £168,521

The average house in the UK is now valued at £168,521 after a return to growth in March after the falloff in February. The Halifax report shows that UK prices rose by 1.1% between February and March which was a welcome relief bearing in mind a surprising 1.6% fall in February. House prices have increased by 0.6% in the first quarter of 2010, compared to the final quarter of 2009, and while this is a significant reduction on the 3.6% increase between the third quarter and the fourth quarter of 2009 it is still worthy of mention.

Those who follow the UK property market will be well away that stamp duty concessions in the final two quarters of 2009 saw a significant increase in activity in the property sector as buyers sought to take advantage of the reduction in stamp duty. As a consequence there was something over a hangover in the first two months of 2010 although this position now seems to have been rectified. There were great concerns about the UK property market towards the end of 2009 with many believing that 2010 would see prices fall over the year. However, recent indications would appear to show otherwise with underlying strength within the sector although there is still a need for increased liquidity in the mortgage market.

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