Flats to rent more appealing as house prices rise?
More people could be encouraged to look at flats to rent in the London borough of Hammersmith & Fulham as figures show house prices are on the up.
According to the latest Halifax House Price Index, the average cost of a home in August was £167,953.
This was equal to a 4.6 per cent annual change, or a monthly adjustment of 0.2 per cent.
The increase is the second monthly rise following July's growth of 0.7 per cent and Martin Ellis, housing economist at Halifax, said this is down to low interest rates and a strengthening labour market.
"Prices are now at a very similar level to that at the end of last year," he commented.
Mr Ellis added that since the beginning of year, activity in the property market has been "broadly static".
Last month, the Land Registry's July House Price Index revealed an annual increase of 6.7 per cent in the cost of properties in England and Wales.
Posted by Andy Britten
Published 8th September, 2010
© 2010 Estates IT Limited
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According to the Halifax House Price Index, property prices increased in the UK in August.