Friday, March 04, 2011
Halifax - house prices drifting down
Posted by David Smith at 08:45 AM
Category: Thoughts and responses

The Halifax says house prices fell by 0.9% in February (unlike the Nationwide's 0.3% rise), by 0.4% over the latest three months, and by 2.8% over the past 12 months. This is a market gently drifting lower, though there was a hint in the latest mortgage approval numbers of a pick-up in activity.

Martin Ellis of Halifax said: Martin Ellis, housing economist, said:
"House prices, as measured by the underlying trend, continue to fall slightly with prices in the three months to February 0.4% lower than in the previous three months. There has, however, been little change in house prices over the first two months of 2011 as a whole. February's monthly decline of 0.9% offset January's 0.8% gain.

"Overall, we expect a modest 2% decrease in house prices in 2011. Uncertainty over the economic outlook is likely to weigh down on housing demand this year. Fewer properties have been coming onto the market in recent months. This trend, if sustained, should improve the balance between demand and supply and help to prevent a more significant fall in house prices." More details here.