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Halifax sees little change for house prices

Tuesday, 6 December 2011 10:13 AM

House prices are set to remain broadly unchanged over the next few months and have proved to be "remarkably stable" in 2011, according to the Halifax.

The latest house price index from the bank released this morning showed prices down 0.9 per cent in November to balance a 1.2 per cent rise in October.

However, prices are down 0.6 per cent over the last three months, the second consecutive fall in this underlying trend, and by one per cent in the last 12 months.

The bank noted signs of a modest recovery in activity, with mortgages for house purchase up three per cent in October and 13 per cent on a year ago. The seasonally adjusted total of 57,200 in October was the highest recorded by the Bank of England since December 2009.

Martin Ellis, Halifax housing economist, said: "Overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households' finances.

"The UK average price now is only marginally lower than at the end of 2010. In addition, activity has recently shown a few signs of strengthening a little.

"We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little."

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