House price averages seem to spike and fall month on month but with all of these things it is best to take a longer view of things, it might looks as if house price jumped 1.2% in October but a more reliable view would be the quarterly figures that showed a downward trend, according to Halifax. The lender said the average price of a UK home had risen for the first time in three months, to £163,311 however, this followed falls of 0.5% in September of 0.5% and 1.1% in August, and over the quarter prices actually dropped by 0.3%.
This is the first time since June that the quarterly figure was negative. But on an annual basis, comparing the three months to October 2011 with the same period in 2010, prices were down by 1.8%. It might not come as great news if you are trying to sell your house but this is the lowest annual fall since December 2010 and is markedly less than the 4.2% annual drop recorded in May 2011. However there is always a North, South divide and in some places like Bishop’s Stortford house prices have increased in this period.
Halifax's housing economist, Martin Ellis, said that over the course of 2011 prices had barely changed, and the market had been supported by low interest rates and a steady supply of homes coming up for sale." The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies," he said.
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