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House prices in the UK increased 1.1% year-on-year in December, the first increase since March 2008, the Lloyds Banking Group Plc's Halifax division reported on Thursday. It follows 1.6% decline in November.
On a monthly basis, the house price index rose 1% in December, slightly slower than 1.3% rise in the previous month. House prices increased for a sixth consecutive month.
"The significant cut in interest rates following the worldwide financial upheaval in the autumn of 2008 has markedly reduced the burden of servicing a mortgage for many households," said Martin Ellis, Halifax housing economist. "This has helped to stimulate housing demand, albeit from a low base."
Moreover, the recent improvement in the labor market, highlighted by increasing numbers of people in employment in both September and October, has also supported housing demand. The prospects for the market this year will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale, the economist said. "Overall, our current view is that house prices will be flat during 2010."
In the final three months of 2009, prices were up 3.5% compared to the third quarter. This is the biggest quarterly increase since the fourth quarter of 2006.
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