October saw small drop in prices
THE Halifax house price index shows a small decline in prices last month.
Martin Ellis, Halifax housing economist, says: “House prices in the three months to October were 0.3 per cent lower than in the preceding three months. There was a 1.2 per cent increase between September and October, according to the more volatile monthly figures, continuing the highly mixed monthly picture.
“While there have been five monthly price rises, four falls and one month of no change, there has been little change in prices during 2011. The housing market has proved highly resilient despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies.”