Property prices rise 3.7% in June quarter

Property prices rise 3.7% in June quarterAccording to the latest data available, the property prices have risen by about 3.7 per cent during the three months till June, 2013 compared to the same quarter in the previous year.

The growth rate of the 3.7 per cent was highest since August 2010 when the prices were 4.6 per cent higher. Data showed that the prices have risen by about £9,000 in eight months due to increasing consumer confidence and the lack of housing supply in the market, according to the Halifax.

An average three-bedroom semi now costs about £167,984 compared to £159,313 eight months ago, according to the mortgage lender. The UK have risen by its fastest pace in three years as government policies to stabilise the sector attracted new buyers to the market.

The UK housing market is facing a difficult economic situation due to the slowdown in the economy as well as the on-going sovereign debt crisis in the Eurozone. The housing market has been under pressure due to austerity measures, low wage growth and difficult lending conditions in the UK. However, government measures and lack of supply has increased the prices and the sector is beginning to show signs of recovery.