Previous
UK house prices up 1% this August.
Added: (Fri Sep 08 2006)
Property prices have risen this August, according to new data released by Halifax.
Halifax, the country's largest mortgage lender, has said that the average house price in Britain is now £179,043 for a residential property.
However, the bank has suggested that despite this rise, house prices are beginning to moderate, with the cost of inflation dropping from 9.4 per cent in June, to 8.2 per cent this August.
Chief economist for Halifax, Martin Ellis, said: "These developments, combined with the historically high level of house prices relative to average earnings, are expected to constrain housing demand and moderate house price inflation over the remainder of the year."
Nonetheless, homebuyers continuing to look for new properties may find other ways to save money on their new purchase, like opting for DIY home improvements or shopping around for home insurance to get the cheapest premiums available.
In related news, the Bank of England's monetary policy committee met today to decide the immediate future of the interest rate. The current interest rate of 4.75 per cent is to remain the same.
There is however, a further rise expected in November, according to a poll of economists taken by Reuters
<-- google -->
Submitted by:
Jane Cragg