Stability hope if recession avoided
AVERAGE house prices fell by 1.3 per cent last year, according to the latest monthly survey from the Halifax.
It said that in 2011, on a monthly basis, house prices fell six times, rose five times and stayed unchanged once. However, they ended with a fall of 0.9 per cent in December compared with November, and by 1.3 per cent in the final three months of the year.
Martin Ellis, the Halifax housing economist, said: “Whilst there was a modest fall overall in prices during 2011, house prices held up well last year in the face of the difficult and deteriorating economic climate and substantial pressure on household finances.
“If the UK can avoid recession, we expect broad stability in house prices in 2012.”