House prices 'rose by 7.5%' in 2013

Written By Unknown on Rabu, 08 Januari 2014 | 16.50

8 January 2014 Last updated at 04:23 ET

House prices across the UK rose by 7.5% last year, according to the Halifax, the country's largest mortgage lender.

However, Halifax said prices actually fell by 0.6% in December, taking the average price of a property to £173,467.

Last week, the Nationwide building society said house prices had risen by 8.4% in 2013.

Separately the house-builder Persimmon gave an upbeat assessment of the market over the calendar year.

Looking ahead, the Halifax predicted that prices in 2014 would continue to rise at a similar pace to last year.

Martin Ellis, the Halifax's chief economist, said the UK's economic recovery was likely to boost confidence in the market further.

"This will increase the likelihood that more people will consider buying a property in 2014, therefore supporting housing demand," he said.

The increase in house prices in 2013 was more than three times the rate of CPI inflation, which rose by 2.1% between November 2012 and November 2013.

The Halifax also said that the number of housing transactions last year is likely to have exceeded one million for the first time since 2007.

Help to Buy

The house-building group Persimmon reported a "strong finish" to 2013, with sales up 21% on 2012.

It said completions had accelerated during the year.

It built 6,506 new homes in the second half of 2013, 30% more than it did in the first half.

Overall during the year it sold 11,528 new homes, a 16% rise on 2012.

The government's Help to Buy scheme may have helped that process.

The first part of the scheme, involving government equity stakes, began in April.

The second part, involving government-backed mortgage guarantees, began in October.


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