House prices go up in January but only by 0.1% |
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Published
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Mon, 30 Jan 2006 15:15
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LONDON: U.K. house prices have risen for a second consecutive month in January, according to property consultant Hometrack's survey. The prices have gone up if you can call it going up by just 0.1 per cent during the month, with average home price reaching 161,000 pounds, said Hometrack Monday.
Despite this showing, the prices are still down 1.04 per cent compared to a year earlier period. The prices showed an upward trend for the first time in 18 months in December.
Hometrack found London house prices went up 0.2 per cent and Hometrack said these are indications that the slowdown in the country's housing market has come to an end and a revival is in sight. A house in London costs 241,300 pounds, on average,
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Hometrack's director of research Richard Donnell said the pick up in activity levels and prices over the final quarter has created optimism that values will continue to rise slowly over the year ahead. He added there could be underperformance in some regions over the year as the "realignment of prices continues against a background of rising sales periods and softening asking prices".
Hometrack's survey was based on reports from 3,500 estate agents polled during the period 17 December to 17 January.
Property web site Rightmove too found in its January survey that house prices had showed an increase of 0.1 per cent nationally, with prices going up 1.3 per cent in London and southeast England.
According to Hometrack, the only region, where the prices had fallen was North England -- 0.1 per cent.
It said seasonal factors caused activity levels to drop by 13.7 per cent in January, which it s aid is to be expected at this time of year and activity is likely to improve over the next few months.
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Average house price declines £7,000 over the past 15 months: Hometrack 