Two per cent price fall predicted
THE Halifax report that house prices fell by 0.1 per cent last month, 0.6 in the first quarter of 2011 and are down 2.9 per cent year on year.
Martin Ellis, housing economist, says: “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. Our forecast remains for a 2 per cent decrease in house prices in 2011 as a whole.
“Uncertainty over the general economic outlook and individual financial circumstances are likely to constrain housing demand.”