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Fall in house prices slows after rise in October

Monday, 7 November 2011 10:35 AM

House prices are still falling but at the lowest rate since December, according to the Halifax.

The bank said prices rose 1.2 per cent in October to leave them 1.8 per cent lower than a year ago. That compares with -2.3 per cent in September and a peak of -4.2 per cent in May.

In a volatile year the Halifax house price index has recorded five rises, four falls and one month where prices stayed the same. But it all adds up to little change, the average price of a house in the UK is now £163,311, just £508 more than in December.

Halifax housing economist Martin Ellis said: “The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies. Despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010.

“The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate. Both prices and activity levels are expected to remain close to current levels over the coming few months."

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