The Halifax HPI for November is in contrast to that reported by Nationwide earlier this month. Nationwide had seen increases in house prices, which had been occurring for the past few months.
Halifax on the other hand has seen a -0.9% fall in November and an annual fall of -1.0%, leaving average house prices at £161,731.
However October saw quite a substantial increase of -1.2%, on the tails of two months of falls.
This all goes to show that the house market is basically flat, bouncing along a perceived bottom – or so we all hope.
This could also show that Halifax currently has a more volatile HPI when compared to Nationwide.
Commenting, Martin Ellis, housing economist, said:
“House prices in the three months to November were 0.6% lower than in the previous three months. Prices fell by 0.9% between October and November. This followed Octobers 1.2% gain, therefore, continuing the very mixed monthly pattern seen this year.
“Overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households finances. The UK average price now is only marginally lower than at the end of 2010. In addition, activity has recently shown a few signs of strengthening a little. We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little.”
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