In Q3 2009, the average UK house price posted the first quarterly increase since Q3 2007, according to the latest results of the Halifax House Price Index (HHPI).
In particular, UK house prices posted an average quarterly gain of 2.8% in the third quarter of 2009. On a monthly basis, UK house prices increased by 1.6% in September 2009, following increases of 0.8% and 1.2% in August and July of 2009, respectively.
According to the HPPI press release, the recent house price increases have been the result of increased demand (due to increased affordability) and the low level of properties available for sale.
The significant improvement in affordability was the result of both the drop in prices and the low interest rates.
The sustainability of these price increases is threatened by the deteriorating job market and a potential increase of properties available for sale due to improving market conditions.
It should be noted that house prices as measured by the HPPI have increased by 5.9% since April 2009. On an annual basis though the average UK house price was still 7.4% lower compared to its September 2008 level, but this represents an improvement compared to the annual drop of 10.1% posted in August 2009.
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