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06/02/2009
House prices up 1.9%, Halifax says |
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After ten consecutive months of falling house prices, Halifax says the trend has been reversed.
In January, the Halifax house price index revealed that there has been a 1.9 per cent increase in average UK house prices.
This claws back the 1.6 per cent monthly decline witnessed in December, but in the three months leading up to January prices are still down 5.1 per cent.
According to the index, the price of the average house in the UK now stands at £163,966.
Martin Ellis, housing economist at Halifax, says that there are early signs that the market is beginning to stabilise at quite a low level.
He adds that "continuing pressures on incomes, rising unemployment and the negative impact of the dislocation of the financial markets on the availability of mortgage finance" will combine to make 2009 a "difficult year for the housing market" in the UK.
However, these optimistic figures somewhat contradict those released for January by Nationwide.
According to Nationwide, the price of a typical house fell by 1.3 per cent in January to £150,501.
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