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Halifax: House prices down by 1.3 per cent in 2011

Friday, 6 January 2012 9:45 AM

House prices fell 0.9 per cent in December to trigger a 1.3 per cent fall in 2011 as a whole, according to the Halifax house price index.

The bank said prices were flat in the final six months of the year, with a 0.1 per cent fall in the fourth quarter matching a 0.1 per cent rise in the third. The year as a whole saw prices rise in six months, fall in five and remain unchanged in one.

The 1.3 per cent annual rate of decline represents an improvement on the low of -4.2 per cent reached in May. The average price of a UK home is now £160,063.

Housing economist Martin Ellis said: "House prices held up well last year in the face of the difficult and deteriorating economic climate and substantial pressure on households' finances. If the UK can avoid recession, we expect broad stability in house prices in 2012.

"There is, however, considerable uncertainty regarding the prospects for the UK economy which will, to a large extent, depend on how events in the Eurozone unfold. In addition, the extent to which households choose to reduce their debts will also affect growth. As a result, the outlook for house prices is also uncertain."

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