House Prices
01-09-2014
By Daniel Hunter
House prices rose by 7.5% in 2013, according to the Halifax.
The price of houses actually fell slightly in December (0.6%), leaving the average UK price as a little over £173,000.
The country's largest mortgage lender said it expects house prices to increase at a similar pace in 2014.
The Halifax's Chief Housing Economist, Martin Ellis said: "Mounting signs that the economic recovery is becoming firmly established, together with a predicted decline in unemployment, should further boost consumer confidence over the coming months. This will increase the likelihood that more people will consider buying a property in 2014, therefore supporting housing demand."
"Nonetheless, continuing pressures on household finances, as earnings again fail to keep pace with consumer price inflation, are expected to constrain demand. The recent strengthening in house prices is increasing the amount of equity that many homeowners have in their home."
"This will potentially encourage and enable more owners to put their property on the market for sale over the coming year, therefore boosting supply. Indeed, our consumer confidence research shows that there has been a significant improvement in sentiment towards selling in recent months. These factors should help to curb the upward pressure on prices."