According to the Halifax house price index, UK house prices increased by 0.4% in March, making this ...
According to the Halifax house price index, UK house prices increased by 0.4% in March, making this the third successive monthly increase following a 1% fall during the final quarter of 2000.
Subsequently, says Halifax, the annual rate of house price inflation has risen from 0.9% in January to 4.1% in March.
Halifax reports the recent cuts in mortgage rates have helped to strengthen the market with key indicators of housing market activity confirming that demand has improved. Inland Revenue figures, for example, reveal a modest pick up in property transactions in the past few months.
Halifax concludes the prospects for the housing market remains good. The continuing sound UK economic background, (highlighted by the recent fall of unemployment to below 1 million), the likelihood of further rate reductions and affordability levels that are not stretched should all support demand during the remainder of 2001.
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