Halifax reports 0.1% rise in March house prices

| April 6, 2011
Halifax reports 0.1% rise in March house prices

The Halifax has today revealed UK house prices crept up by 0.1% last month compared with February, when prices dropped 0.9%.

The latest house price rise takes the average cost of a UK home to £162,912, the Halifax said.

Meanwhile, in the three months to March, prices dropped 2.9% compared with the same period a year earlier.

However, despite the monthly rise, the lender believes uncertainty surrounding the economy will drive prices lower this year and the housing market will remain subdued.

It is forecasting a modest drop of 2% in prices for the 2011 year. Other housing experts are predicting house prices to fall steadily throughout this year – particularly in light of the Government’s spending cuts and the ongoing lack of mortgage availability.

Commenting on today‘s report, Halifax housing economist Martin Ellis said: “The overall decrease in prices in the first quarter of 2011 compared with the previous quarter was a little lower than the quarterly falls recorded in the third and fourth quarters of 2010. The recent increase in employment, particularly those in full-time jobs, may have been an important factor supporting the market.”

In comparison, last week the Nationwide reported a 0.5% rise in house prices for the month of March, taking the average house price to £164,751.

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