House prices ‘to remain stable in 2013’

House prices rose by an average 1.3 per cent in December but are still likely to end this year at levels close to where they began, Halifax said yesterday.
By The Newsroom
Published 8th Jan 2013, 06:00 BST

It reported an average house price of £163,845, with the figure when measured on a quarterly basis up for the first time in seven months amid signs of a firming in housing market towards the end of 2012. There were six monthly rises and six decreases during 2012 as underlying prices remained little changed over the course of last year, the bank added.

Halifax economist Martin Ellis said: “We expect continuing broad stability in house prices 
nationally in 2013 with prices likely to end the year at levels close to where they begin.”

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Prices in the quarter to December were 0.3 per cent lower than in the last quarter of 2011, the smallest annual decline since May.

The jump in prices comes amid signs that the Bank of England’s Funding for Lending scheme is having a positive impact on the availability of mortgages. Approvals for lending to home-buyers climbed to a ten-month high in November.

Related topics:HalifaxBank of England