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December 7, 2012

House prices slip 0.7%

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by Gill Montia

House prices slip 0.7%

House prices in the three months to November fell 0.7% (October -1%) compared with the previous three months, marking the sixth consecutive quarterly decline.

According to Halifax, on an annual basis the value of the typical home was down 1.3%, at £160,879.

However, during November prices actually jumped 1% from October levels, following a pattern of both rises and falls seen throughout the first 11 months of 2012.

Commenting, on the figures, Halifax housing economist, Martin Ellis, says: “Both demand and supply pressures in the market have altered little during the course of 2012, and this has been the key reason for the lack of anything other than modest changes in house sales and prices at a national level compared with a year ago.”

He adds: “Challenging economic conditions have constrained housing demand whilst low interest rates have helped to support affordability and demand.”

Regarding the Government’s Funding for Lending Scheme, Mr Ellis notes that this could be helping to reduce mortgage rates and may also be contributing to the recent pick-up in mortgage approvals.


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