Halifax reports price increase in March

House prices increased by 1.1 per cent in March, according to latest figures published by the Halifax.

The high street bank reported that the average price of a home is now £168,521, 5.2 per cent higher than last year.

Halifax said the figures for March "partly reversed February's 1.6 per cent fall", adding that property sales in England and Wales have increased for three consecutive quarters.

Martin Ellis, housing economist at the Halifax, said there are signs that an increase in the number of properties available for sale is beginning to reduce the imbalance between supply and demand.

"This should help to contain the upward pressure on house prices," he commented.

Howard Archer, chief UK and European economist at HIS Global Insight, said the figures reinforced his view that house prices will be erratic in 2010.

"We still suspect that prices may very well be no better than flat over the year," he added.

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2010-04-09 13:06:12 © Moneyextra.com