Halifax reports 0.8% rise in house prices in January

| February 4, 2011 | 0 Comments
Halifax reports 0.8% rise in house prices in January

The Halifax has today revealed UK house prices rose by 0.8% last month compared with December, when prices fell 1.3%.

The latest house price rise takes the average cost of a UK home to £164,173, the Halifax said.

According to the lender, which is part of the Lloyds Banking Group, house prices are now 2.4% lower than a year ago.

Meanwhile, in the three months to the end of January, values fell 0.7% from the previous quarter.

Commenting, Halifax housing economist Martin Ellis said: “We expect limited movement in house prices overall this year. There are, however, likely to be some monthly fluctuations with the risks on the downside.”

In stark contrast, the Nationwide Building Society last week reported a 0.1% fall for the month of January compared with December, with the average UK home costing £161,600.

House prices came under pressure during the latter of half of last year as a high level of instructions outstripped buyer demand.

The prediction for house prices in 2011 is for a slight fall as demand for housing is expected to stay weak as a result of the uncertainty surrounding the economy and the Government’s massive spending cuts.

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