Prices slip but rates set to stay low

Yorkshire Post - Property - - PROPERTY -

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.”

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