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January sees house prices push up 0.6%: Halifax
House prices increased by 0.6 per cent in January, the first rise since October 2011, data from Halifax has revealed.
The latest Halifax house price index showed the average house price in the UK was £160,907, a similar level to May 2011.
It said house prices in the three months to January were 0.9 per cent lower than in the preceding three months.
Martin Ellis, housing economist for Halifax, said: “Prospects for house prices over the coming months will, to a large extent, depend on events in the eurozone and the repercussions of developments there for the UK economy. If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012.”
Tracy Kellett, managing director of London-based mortgage advisers BDI Home Finders, said: “The lack of transactions and activity generally can easily exaggerate an individual month’s figures.
“House prices are being held artificially high by two key factors — an extreme lack of stock and historically low interest rates.
“Throughout 2012, we are likely to see a further widening of the north-south divide. Prices will be hit hardest where the economy is feeling it the hardest.”
She said confidence was important when it came to house prices, adding: “Buyers remain deeply cautious, while sellers won’t sell unless they really have to. Recreational home-moving is almost a thing of the past.”
