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Halifax: House prices up 1% in September

05 October 2006
According to the House Price Index from Halifax, property values rose by a full one per cent through the month of September, continuing its steady progress.

The UK's largest single mortgage lender reports that house prices have shown little fluctuation in the last six months, although overall the rises are slowing steadily rather than increasing.

Inflation of property prices was lower than the previous month for the third time in succession, meaning the annual increase in the value of houses in the UK eased back to eight per cent on the year, the lowest rate since April.

Martin Ellis, Halifax's chief economist, said that increasing utility bills and higher interest rates were the main reasons for the easing back of property prices, and that similar trends expected in the coming months would mean demand for houses continuing to decline.

Halifax's seasonally adjusted average house price for the UK currently stands at £179,425.

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