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date: 29 January 2010

embargo: For immediate release

TUC comment on new house price figures

Commenting on the release today (Friday) of new house price figures from the Land Registry for England and Wales, TUC General Secretary Brendan Barber said:

'Getting the housing market back onto an even keel is a necessary step towards rebuilding the UK economy. These figures give us hope that both house prices and sales are starting to get over the worst impact of the downturn but, as with the broader economy, the recovery may be fragile.

'While we don't want to go back to the bad old days of frivolous and irresponsible lending, the Government must do more to get the banks to up the number of sensible and responsible mortgages they offer to potential homeowners. The banks' recklessness pushed us into recession, so it's only fair they help pull us out again.'

NOTES TO EDITORS:

- The Land Registry for England and Wales is an official body that records the ownership and sales of land and houses. Unlike some of the bank and building society house price indexes, it includes the substantial minority of properties bought without a mortgage.

- The Registry publishes a monthly report on house prices and the volume of sales. The latest edition published today reports sales up to the end of December 2009

http://www.landreg.gov.uk/assets/library/documents/HPIRepcardidec09.pdf

- The report shows that:

? £161,783 is the average house price (December 2009)

? 58,000 - sales per month July-Oct 2009 (up 11,000 on the same period in 2008)

? 0.1 per cent increase in average house prices December 2009 compared with

November 2009 prices

? 2.5 per cent - increase in average house prices December 2009 compared with

December 2008

? London (+6.1 per cent) and the South East (+5.6 per cent) have seen the strongest increase in house prices in the year to December 2009

? Wales (-2.5 per cent), the North West (-0.9 per cent) and the North East (-0.5 per cent) have seen house prices continue to fall in the year to December 2009.

Media enquiries:

Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Elly Brenchley T: 020 7467 1337 M: 07900 910624 E: ebrenchley@tuc.org.uk

Press release (400 words) issued 29 Jan 2010