UK house prices register surprise gain in July

UK house prices register surprise gain in July

According to the Halifax's latest house price index, UK house prices have slightly recovered in previous month.

The average prices have increased by 0.6 percent to £167,425 in July as compared to fall in prices in the month of June.

The annual house price inflation rate has declined from 6.3 percent in previous month to 4.9 percent.

Martin Ellis of the Britain's biggest mortgage lender, Halifax said, "The increase in the number of properties for sale over the past few months, boosted by the recent abolition of home information packs, has relieved much of the pressure that was driving up prices in 2009."

Due to end of Home Information Packs, the number of properties for sale has been increased in few months.

Increase in unemployment rate and uncertain economy conditions are expected to reduce the number of buyers for the purchase of the property, thus prices may become considerable weaker for the rest six months of the year and for the next year.

The banking crises of 2007 and 2008 have resulted in increase in prices but the house prices have slowdown much in this year.

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