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Bank claim: House prices up but demand weak, says Halifax

Halifax says that house prices rose by 1.1 per cent over the last month, but that there is still little activity in the property market.

This is according to the bank’s mortgage data and the

subsidiary of Lloyds Banking Group suggested that the reason why people are not as keen to buy property is due to the constraints on income within the UK, meaning that people can’t really afford to buy a house at the moment.

Housing economist for Halifax, Martin Ellis, said: "Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of 2013."

However, the government has implemented measures that should make it easier for consumers in the UK to take out affordable mortgages.

This includes the Funding for Lending Scheme, which has recently been extended for another year, and the Help to Buy Scheme, which was unveiled during the Budget this year.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801582526-ADNFCR



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