House prices 'increase in January'
House prices continued to grow in January, which may make the dream of homeownership an increasingly unaffordable option for some Britons.
According to the Halifax House Price Index, the cost of property grew by 0.6 per cent last month, which was the seventh consecutive monthly increase recorded by the group.
This means the average home now costs an average of 9.9 per cent more than it would have during the low of April 2009, housing economist Martin Ellis explained.
"There are some signs that more people are putting their homes on the market. Further increase in the supply of property is possible over the coming months, which would help to curb upward pressure on prices," he added.
However, rises in house prices may not be welcome news for all Britons.
Indeed, some may still find it difficult to get on to the housing ladder and opt for flats to rent in Islington or another part of London as a more affordable option.
Mark Garner, founder of LettingZone.com, recently claimed the private rental sector is "absolutely essential" to building a healthy economy.
Written by Martyn Glynn
Published 5th February, 2010
© 2010 Estates IT Limited
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Last month saw further growth in UK house prices, it has been revealed, which may mean property to rent in London is more affordable than homes for sale in the city.