Good news for homeowners as house prices rose in November for the fifth successive month, according to the Halifax House Price Index.
The November increase was a nationwide average of 1.4%*, which means that house values have risen 4% since the beginning of the year. Halifax attributes this to higher demand combined with a still-sluggish supply, a situation which has pushed prices up.
House prices have still not recovered to the levels of this time last year, however, and are lagging by 1.6% compared to last November. Average house value this November was £167,664.
Mortgage approvals also continue to rise, and based on latest figures for October this year were a massive 79% up on a year earlier – although the year-earlier figures did represent a trough in the market.
The continuing rise in house values may go some way towards resuscitating the remortgages market. While 20,685 remortgages were approved in October 2009, they were down 61.8% on the previous year.
*Source: Halifax House Price Index, November 2009
Glad to see that the house prices are rising again, I have had my house on the market for a year now and have not been happy with any of the offers.
Do you have any idea or an estimation for when the house prices will reach their full potential?