House prices 7% higher than year before, despite monthly drop
first-time buyers are being told that house prices dropped marginally month-on-month in both April and May, but remain almost seven per cent higher than the average cost in May 2009.
New data from Halifax released on Friday showed a decrease of 0.4 per cent last month, which differs from figures released by Nationwide that indicated a rise of 0.5 per cent over the same period.
However, people looking for property to rent in London learned that the average cost of purchasing a home in the UK is 6.9 per cent higher than in May 2009.
Martin Ellis, Halifax's housing economist, suggested that prices are likely to remain flat this year and a "relative recovery" in the market last year owed much to a lack of places for sale combined with increased demand.
With figures suggesting the cost of buying a home is seven per cent higher than a year ago for first-time buyers, more people may consider looking for property to rent in the London borough of Croydon or elsewhere in the country.
By Chris Price
Published 7th June, 2010
© 2010 Estates IT Limited
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People thinking about moving home may consider looking for property to rent in the London borough of Croydon or elsewhere in the country after new research indicates that house prices are almost seven per cent higher than a year ago.