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House prices rise slightly in July

Friday, 5 August 2005 12:00 AM

The housing market is showing signs of improving, despite annual house price growth falling to a nine-year low.

According to Halifax, prices have risen just 2.3 per cent over the last 12 months - the lowest year-on-year increase since April 1996.

But in its review of the property market for July, it finds that at £164,994 the price of the average UK house is 0.2 per cent higher than in June.

Halifax chief economist Martin Ellis also pointed out that the number of loans for house purchase increased by ten per cent in the second quarter of 2005 when compared with the first quarter.

"There have been further signs of a modest improvement in housing market activity over the past month," he said.

And he expects Thursday's interest rate cut to provide an extra boost to the market.

"Yesterday's 0.25 per cent cut in interest rates will reduce mortgage payments as a proportion of gross income for the average new borrower from 20 per cent to 19 per cent, bringing it back in line with the average for the past 20 years and well below the 34 per cent peak in 1990," he said.

Analysts see the Halifax survey as more evidence of the soft landing in the housing market.

Howard Archer, chief UK economist at consultancy firm Global Insight, said: "The most likely scenario seems to be that house prices will remain relatively soft for an extended period, rather than suffer a crash."

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