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House prices continue to rise

03 October 2003
Figures indicate that house price growth remains strong, having seen significant increases this year.

The average cost of a home is now reported to be in the region of £135,958, marking a 1.5 per cent rise in September.

'In contrast to the second quarter of the year when there were modest falls in London and the South East, house prices increased in all the regions of mainland Britain during the third quarter,' commented Halifax chief economist Martin Ellis to the BBC.

Price rises have varied across the UK, ranging from 38 per cent increases in the north to a 9 per cent increase in London. However, the average house price of £129,000 in London is still higher than those in the north.

According to Halifax, the UK's biggest mortgage lender, this has noticeably narrowed the north-south price gap.

Experts cite low interest rates and high employment levels as causes of the price growth, but a slowdown has been predicted for the near future.