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Halifax reports 2.4% YoY fall in UK house prices

Friday, 4 February 2011 2:22 PM

House prices in the final quarter of last year were on average 2.4 per cent lower than at the same time 12 months ago, new figures have revealed.

According to the latest House Price Index from mortgage lender Halifax, average UK property values dipped by 0.7 per cent in the period, continuing their slight downward trend.

However, the rate at which prices are falling remains significantly lower than during the second half of 2008, when quarterly declines of between five and six per cent were recorded.

On an annual basis, properties sold in January for 2.4 per cent less in comparison with the same three-month average from a year earlier.

Martin Ellis, housing economist for Halifax, said: "We expect limited movement in house prices overall this year. There are, however, likely to be some monthly fluctuations with the risks on the downside.

"The prospects for the market in 2011 are closely aligned with the performance of the wider economy. Consumer confidence has fallen recently, partly as a result of nervousness about the economic outlook," he explained.

But Ellis added: "On a positive note, there have been further signs that the recent downward trend in prices is causing homeowners to be more reluctant to put their properties on the market. This development should help to relieve downward pressures on prices as long as it is sustained."
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