1.0% rise in August
In its monthly survey, Halifax has reported that house prices rose by 1.0% in August. This is 8.2% higher than the three months to August last year.
The cost of an average home now stands at 179,043 pounds. This continued rise in prices suggest that the Bank of England's interest rate rise at the start of August has so far done little to dampen the property market.
However, growing pressure on household finances from increased utility bills and higher mortgage payments could see a slight cooling off according to Martin Ellis, Halifax's chief economist “A number of developments are expected to constrain housing demand and moderate house price inflation over the remainder of 2006”.
The cost of an average home now stands at 179,043 pounds. This continued rise in prices suggest that the Bank of England's interest rate rise at the start of August has so far done little to dampen the property market.
However, growing pressure on household finances from increased utility bills and higher mortgage payments could see a slight cooling off according to Martin Ellis, Halifax's chief economist “A number of developments are expected to constrain housing demand and moderate house price inflation over the remainder of 2006”.
posted by ew at
9:14 AM
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