Prices slip but rates set to stay low
THE Halifax Price Index shows house prices down 1.3 per cent in December and 1.6 per cent over the past year.
The average house price is now £162,435.
Martin Ellis, Halifax housing economist, says: “We expect limited movement in house prices during 2011 but with the risks on the downside. Interest rates are likely to remain very low for some time. This will continue to support a favourable affordability position for those entering the market and limit financial pressure on existing homeowners to sell.
“Current signs that homeowners are becoming more reluctant to sell would, if continued, help reverse the imbalance between buyers and sellers.”