Halifax sees no change in house prices

Posted on 5 February 2008 by Charcol

Be the first to comment


House prices remained static in January, with the average UK property now costing £197,244, according to figures published today by Halifax.

In its January House Price Index, the bank says that although prices remained unchanged, there were "continuing signs of weakness" in housing market activity. It cites Bank of England figures revealing that the number of mortgage approvals fell by 35% in the last three months of 2007, compared with the same period in 2006.

According to the index, property prices in January were 4.5% higher than in January 2007, but they had fallen by 1.0% over the three months from November 2007.

Halifax predicts that house prices will remain flat this year, and believes that the Bank's Monetary Policy Committee (MPC) is likely to reduce interest rates when it announces its next decision on Thursday.

"We expect sound economic fundamentals and lower interest rates to support house prices," said chief economist Martin Ellis.

"The MPC is likely to cut the Bank Rate at least twice in 2008, further supporting both the economy and housing demand," he added.

Comments

Post a Comment

Please keep your comments relevant. Charcol reserves the right to edit or delete comments.

The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them. We may contact you in response to your comment – by submitting your comment, you are consenting to this.

To find out more about how we collect, use and protect your data, please read our privacy policy.

Stay connected....

Association of Mortgage Intermediaries

Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.