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House prices up 2.6 per cent, says Halifax

House prices rose by 2.6 per cent in May, according to the latest Halifax house price index.

The bank says prices are still at a historically low level with the annual rate still at -16.3 per cent. Halifax, now part of the Lloyds Banking Group, calculates the average home now costs £158,565.

This is the first house price rise Halifax has posted since June 2008. This rise comes after Nationwide revealed a 1.4 per cent increase in its house price index last week.

Halifax economist Nitesh Patel says: “There are some tentative indications of a possible stabilisation in activity, albeit at a low level.

“It is always important not to place too much weight on any one month’s figures. Historically, house prices have not moved in the same direction month after month even during a pronounced downturn.”

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