Property prices up 1.1% - buy to let mortgages

06 August 2009

The latest Halifax House Price Index has indicated that the average cost of property in the UK rose 1.1 per cent in July when compared with figures from June.

Would-be landlords looking to secure buy to let mortgages may be prompted to join the market, as this is the second time in the last three months that this particular industry monitor has revealed an increase in the value of housing.

Moreover, Nationwide Building Society also reported a boost in property prices during July and research from the financial services provider has indicated that consumers think the cost of bricks and mortar will rise by 0.5 per cent in the next six months.

Chief economist at Halifax Martin Ellis remarked: "Demand for homes has risen, albeit from a very low base, since the start of the year, driven by improvements in affordability and low interest rates."

Halifax also found that that average property price in the three months to July 2008 was 0.8 per cent higher than the previous three-month period.

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