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House prices rose in April

Fri, 05 May 2006
House prices increased by 2 per cent in April, bringing the annual rate of price inflation to its highest in 13 months, according to the mortgage lender Halifax .

The Halifax's House Price Index for April indicates that the average property in Britain now costs £178,992.

The jump in prices also brought the annual rate of increase up to a 13 month high at 8.0 per cent while prices have also risen by 4.4 per cent since the start of the year.

However, better news for first-time buyers could come later in the year, with Halifax predicting the market to level off due to a "softening" of the labour market.

A strengthening economy, low unemployment and low interest rates are to be counterbalanced by a weakening labour market and rising energy and council tax bills this year, according to the Halifax experts.

Martin Ellis, chief economist at the building society, clarified, "Whilst the market may remain relatively buoyant over the coming months, we expect the recent softening in the labour market and the continuing high level of house prices in relation to earnings to curb demand.

"Alongside higher utility and council tax bills, these factors should lead house price growth to moderate in the second half of 2006."

Halifax also reports slowing growth in Scotland and the north of England, with all British regions recording single digit annual house price inflation for the first time in seven years.

The market continues to be supported by steadily rising levels of activity, with Halifax Estate Agents registering the sixth successive rise in sales agreed in March.
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