The latest property price news from Halifax has shown that UK house prices have risen for the fifth consecutive month.

The survey, conducted by one of the largest lenders in the UK, said that prices were up 1.4% in November, bringing the average price of a UK house to £167,664. This figure is still 1.6% lower than this time last year, but it is 4.2% up on the beginning of 2009.

The figures came with a Halifax prediction that house prices would most likely stay flat throughout 2010 if more properties came on the market.

A Halifax economist stated that the recovery in prices since the spring has been driven by the increase in property demand, caused by the improvement in affordability of existing homeowners. It was stated that the increase in demand plus the shortage of available properties have pushed up property prices. The property investment market has also shown increased demand but a shortage of investment property at present.

According to the Halifax index, UK property prices were at the lowest levels in April of this year, but have increased 8.5% since. The housing market had seen a 23% decline since the peak in August 2007.