The average UK house prices was £163,803 in March, almost identical to the £163,765 in July 2011, says the most recent Halifax data. Halifax’s monthly house price index showed house prices increased 2.2 per cent in the month, following February’s 0.4 per cent fall showing that prices continue to fluctuate month on month as transactions levels remain historically low.
However, Halifax’s monthly house price index revealed that house prices in the three months to March were 0.1 per cent less than in the previous three months. Prices in the first three months of 2012 were 0.6 per cent less than in the same period last year. This was the smallest fall in prices on this measure of the annual rate since October 2010. The data showed there were signs of a pick-up in house sales. The number of completed house sales has increased to its highest levels since late 2009. The proportion of house purchasers who are first-time buyers increased between the final quarter of 2011 and the first quarter of 2012.
Martin Ellis, housing economist of Halifax, said: “The underlying trend therefore indicates broad stability in UK house prices. “Efforts by first-time buyers to beat the expiry of the stamp duty holiday at the end of March have probably increased sales in recent months and may have helped to support prices. “We continue to expect little overall movement in prices this year provided that the UK economy does not suffer a pronounced weakening.”
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