TIDM68FF

RNS Number : 0866V

HBOS PLC

06 January 2012

Halifax House Price Index

 
 National Index   December 2011 
 
 
                       All Houses, All Buyers Index (1983=100) 
  Annual Change -1.3%    Quarterly Change   Monthly Change 
                               -0.1%             -0.9% 
             Standardised Average Price (seasonally adjusted) GBP160,063

Commenting, Martin Ellis, housing economist, said:

"House prices in the final quarter of 2011 were 0.1% lower than in the previous quarter. This compared with a 0.1% rise between Quarter 2 (April to June) and Quarter 3 (July to September). On a monthly basis, prices fell by 0.9% between November and December.

"Whilst there was a modest fall overall in prices during 2011 with an annual decline of 1.3% in December, house prices held up well last year in the face of the difficult and deteriorating economic climate and substantial pressure on households' finances.

"If the UK can avoid recession, we expect broad stability in house prices in 2012. There is, however, considerable uncertainty regarding the prospects for the UK economy which will, to a large extent, depend on how events in the Eurozone unfold. In addition, the extent to which households choose to reduce their debts will also affect growth. As a result, the outlook for house prices is also uncertain."

Key facts

-- House prices in the final three months of 2011 (Quarter 4) were 0.1% lower than in the previous quarter (Quarter 3). This compared with a 0.1% rise between Quarter 2 and Quarter 3.

-- On a monthly basis, house prices declined by 0.9% in December. There was a very mixed monthly picture during 2011 with six monthly falls, five increases and one month of unchanged prices.

-- On an annual basis, as measured by the average for the three months to December against the same period a year earlier, prices in December were 1.3% lower. Despite this modest fall in prices during 2011, there was an improvement in the annual rate during the year from a low of -4.2% in May.

-- Housing market conditions little changed over the past 12 months. Market conditions, as measured by the ratio of house sales to the stock of unsold properties - reported by the RICS's monthly survey - have been broadly unchanged since November 2010. This stability in the overall supply/demand balance in the market helps to explain the modest movement in house prices.

-- Slight rise in house sales.The number of completed house sales has risen to its highest levels of 2011 in October and November. The number of sales in November 2011 was the highest since December 2009, at a seasonally adjusted 79,000. Despite these recent signs of improvement, total sales in the first 11 months of 2011 were 2.5% lower than in the same period of 2010. (Source: HMRC)

The Halifax House Price Index is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. (c) Bank of Scotland plc all rights reserved 2012.

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