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House prices squeezed higher

House prices in the UK increased by 1.4% in November due mainly to a lack of homes on the market and rising demand which has squeezed prices upwards. According to Halifax the average house in the UK now costs £167,664 which is a significant rise from the £154,490 the market fell to in April 2009. While house prices are still 1.6% lower than they were 12 months ago there are signs that perhaps things are starting to turn and interest is returning.

However, there is concern that the increase in prices appears to be predominantly caused by a lack of properties on the market, something which may give the wrong impression to some potential buyers in the UK. One of the main issues, and it has been an issue for some time now, is the lack of liquidity in the mortgage market which is effectively barring many first-time buyers from even entering the market at this relatively low level.

While this will change in due course, it has been dragging on for some time now and if prices continue to rise then more and more potential first-time buyers could be priced out of the market for the foreseeable future. Those who believe the worst is behind us may be correct but those who believe we are on the verge of another property boom should think again!

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