House prices rose 4.4 per cent in 2013
New figures have revealed that on average, house prices increased by 4.4 per cent this year and 2014 is set to be a good year for property too.
According to halifaxcourier.co.uk, Hometrack has revealed that 2013 was a big improvement on the previous year, as house prices actually decreased by 0.3 per cent in 2012. Moreover, despite the holiday season slowdown, December was the fourth consecutive month for house price rises this year, with an increase of 0.5 per cent.
Prices rocketed in 75 per cent of postcodes across England and Wales, which is impressive compared to 2012, as only 20 per cent of postcodes saw rises, reports economicvoice.com.
It is believed that the main reasons behind this year's sharp increases are down to low mortgage rates, positivity surrounding the UK economy, escalating demand and the government's Help to Buy scheme.
London and the South East led the growth, as London experienced price increases of 9.1 per cent and the South East saw prices boosted by five per cent.
Richard Donnell, director of research at Hometrack, said it was likely the property market will see prices continue to surge in 2014 because demand is still outpacing supply.
"The strongest market conditions and impetus for price inflation is set to remain focused on southern England in 2014," he explained. "A broader based recovery in the housing market is dependent upon growth in the real economy, jobs and household incomes."