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House prices saw 0.5% hike in May

House prices rose 0.5% in May, the latest Halifax house price index shows.

The average price now stands at £160,941. House prices in the three months to May were also 0.8% higher than in the preceding three months.

But Martin Ellis, housing economist at Halifax, says: “While there has been a modest improvement in the trend for house prices recently, the current average UK price is similar to the levels both a year ago and at the beginning of this year.

“We expect this situation to continue, with prices likely to still be around today’s levels at the end of 2012 as the tough environment constrains housing demand.”

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