Mortgage holders see average UK house price grow

08 October 2009

Written by Simon Whittaker

Buy to let mortgage holders may have seen the value of their property grow in September.

Halifax has published its House Price Index for the month, showing that there was a 1.6 per cent leap in property prices, compared to the figures for August.

According to the bank, the average home in the UK was worth £163,533 during the course of the month.

This research follows the publication of Nationwide Building Society's housing survey at the start of October, which also indicated there had been inflation in the value of bricks and mortar in September.

Using different criteria to judge the average price, Nationwide suggested that the typical UK home was worth £161,816 last month.

Halifax housing economist Martin Ellis said that there were a low level of homes for sale and an increased demand for property in September, resulting in the growth in prices.

"The marked improvement in affordability due to the reduction in both property prices and interest rates since mid-2007 has been a key factor in stimulating higher demand," he stated.

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