House Prices Show First Quarterly Rise Since 2007
The latest report from the Halifax shows the first quarterly rise for UK house prices since October 2007.Prices rose by 0.8% in the 3 months to July. In July, itself, prices rose by 1.1%, but still show a decline of 12.1% on the previous year.
It seems that much of this rise is fuelled by high demand and low supply of property.
Housing market activity level is still less than half of what is was in 2007 with mortgage approvals down 58% on June 2007. Expects expect prices to cool off in the autumn when more prperties come onto the market.
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