Homeowners were treated to a surprise rise in house prices last month as values bounced back after steep falls in some parts of the country. Mortgage giant Halifax said the average cost of a home in Britain rose to £164,173 in January, a climb of 0.8 per cent. Property experts say a shortage of good homes coming up for sale, low interest rates and higher rents could boost property prices by five per cent this year. Halifax said the rise came after steep falls amid December’s snow disruption, when prices suffered a 1.3 per cent plunge.
You may also have seen an article in last Thursday's "Standard" highlighting how prices in some Boroughs in London are already close to their previous peak. Merton averaged 5% below the peak, Sutton 9% below and Croydon 13% below. Indeed, all of the factors mentioned above are exaserbated in Greater London which is also less reliant on the public sector for employment.
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