House prices have risen by 6.6% in the last year according to the latest Halifax house price index.

This was the largest increase in the annual rate of change - measured by the average for the latest three months against the same period a year earlier – since October 2007 (8.9%).

Commenting, Martin Ellis, housing economist, said: "House prices were broadly flat in April, declining by just 0.1%. This followed a 1.0% increase in March. The underlying rate of house price growth has slowed in recent months following the relatively sharp rebound, albeit from a low base, in the second half of 2009. The improvement in house prices since spring 2009 has encouraged more people to try to sell their property. New sales instructions have risen, helping to push up the stock of unsold properties in recent months. As a result, the imbalance between supply and demand is easing somewhat. Our view is that house prices will be flat during 2010 as a whole."

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(CD/GK)