Market shows signs of recovery

Jan 11 2006

Liverpool Echo

THE housing market continued to show signs of recovering during December but price growth for 2005 was the lowest for 10 years, latest figures show. Britain's biggest mortgage lender said UK house prices rose by 1% during the final month of the year, in line with November's gain which was also 1%. But despite this slight recovery, the average cost of a property rose by just 5.1% during 2005 - the lowest growth for a decade, and below the long-term annual average of 8%. At the same time, Halifax said house prices rose by less than 10% in all nine English regions for the first time since 1998. Story continues ADVERTISEMENT Martin Ellis, Halifax chief economist, said: "This pick-up in prices is entirely consistent with the improvement noted by all the main indicators of housing market activity over recent months." Halifax is predicting the average cost of a property will rise by just 3% during the coming 12 months from its current level of £171,632.

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