Average UK house price rises by 3% during Q1
House prices rose three per cent in the first three months of 2010.
Thursday, 01, Jul 2010 04:40
House prices rose by three per cent in the first quarter of 2010, according to the latest figures.
Mortgage lender Halifax claims that the average cost of a UK home now stands at £170,111.
However, this represents a "period of broad stability" for the month of June, which saw a seasonally-adjusted rise of 0.1 per cent in the house prices, the financial group claims.
Reacting to the news, the Royal Institution of Chartered Surveyors said that the figures back up existing evidence that supply is beginning to outstrip demand in the UK property market.
Chief economist Simon Rubinsohn explained: "It is no bad thing the price picture appears to be stabilising.
"The more important issue for the market is whether this is accompanied by a pick-up in transaction activity."
All this means that, at the moment, consumers have more choice when buying a property, which Mr Rubinsohn states is good news for the market.