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UK housing market 'showing signs of recovery'
Tuesday, 16 Mar 2010 04:26
Steadily rising house prices in the UK could be a sign that the country's economy is getting back on track.
A report from Communities and Local Government (CLG) has revealed that house prices rose by 6.2 per cent between January 2009 and the same month in 2010.
The average property price in the UK is now £207,159.
Lending figures from the Financial Services Authority also suggest that confidence is rising as new advances on mortgages grew by two per cent between the third and fourth quarters of 2009.
Simon Rubinsohn, chief economist for the Royal Institution of Chartered Surveyors RICS , commented: "Confirmation that the property market started the year strongly was provided by the release today of the monthly CLG house price series.
"The RICS Housing Market survey took a broadly similar position with more respondents suggesting that prices had increased. Some slowing in the pace of house price increases was always likely this year as more instructions came to the market. RICS, however, suspects that the increase in supply is not yet sufficient to arrest the upward move in prices."
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