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House prices ‘remarkably stable’

House prices ‘remarkably stable’

Category: Mortgages

Updated: 06/12/2011
First Published: 06/12/2011

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House prices fell slightly in November, but have proven to be 'remarkably stable' in 2011, according to property experts.

The value of properties in the UK fell by 0.9% last month, the third decline in four months, figures from Halifax show.

It followed a 1.2% rise in prices that was recorded in October.

Over the year there has been an almost even split in price movements, with five months of falls, five months of increases and one month where there was no change in the average price.

At the end of last month, the average price of a home was £161,731 – just 0.7% lower than in December 2010.

House prices in the three months to November were slightly lower (0.6%) than the proceeding quarter period.

But there are signs of a modest pick-up in housing activity, figures from the Bank of England show.

Mortgage approvals increased by 3% in October and were 13% higher than in October 2010, with the 52,700 approvals for house purchases the highest since December 2009.

"Overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households' finances," said Martin Ellis, housing economist.

"We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little."

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