An improved annual rate for house price increases

An improved annual rate for house price increases

House prices from April to June are 3.7% higher than they were during this period in 2012. House prices are increasing at an improved annual rate according to research from Halifax.

This rise represents the highest annual increase for almost three years. A similar rate was achieved in August 2010, reports houseladder.co.uk.

Martin Ellis, Chief Economist at Halifax, said: "Improved confidence in both the housing market and the economy, combined with a shortage of properties available for sale, appear to be pushing up house prices."

Martin Ellis also commented that the property market is seeing improvements partly from the Funding for Lending Scheme which is seeing mortgage rates come down.