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House prices see another increase during April

UK houses prices have seen another increase in value during the month of April of 1.6% according to a survey conducted by the Halifax, with the annual rate of increase rising slightly to 8.5%.

This increase now means that the average house price stands at £196,412.

The results from this latest survey, by savings and mortgage provider the Halifax, advised that the demand for housing was being reinforced by a variety of factors. These include an improving economy, rising employment and low mortgage rates.

House prices rose 1.6% in April from March; this is in comparison with another forecast of 0.4% increase by a Reuters poll. Prices during the month of March also increased by 0.6%, compared with another earlier estimate of 0.4%, the Halifax advised.

The Halifax also added that the supply of houses remains “very tight” as there is a general shortage of properties for sale, and that they anticipate the annual rate of increase to slow by the end of 2015. They also noted that house prices were continuing to outstrip increases in average earnings.
Halifax’s housing economist, Martin Ellis said:

"The resulting rise in the level of house prices in relation to earnings should constrain house price growth and activity over the remainder of the year,"

"The annual rate of house price growth is forecast to end the year at 3-5%."

A similar study conducted by the Nationwide also confirmed that they too saw the price of houses picking up with the annual pace of growth rising to 5.2%.

Since the Halifax started tracking consumer sentiment in 2011, consumer confidence in the housing market is also looking strong, with more people thinking that in the next 12 months it might be a good time to sell.

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