68FF Hbos 5.75% Nts

TIDM68FF

RNS Number : 7118Y

HBOS PLC

06 March 2012

Halifax House Price Index

 
 National Index   February 2012 
 
 
                       All Houses, All Buyers Index (1983=100) 
  Annual Change -1.9%    Quarterly Change   Monthly Change 
                               -1.1%         -0.5 % 
             Standardised Average Price (seasonally adjusted) GBP160,118 
 
 

Commenting, Martin Ellis, housing economist, said:

"House prices in the three months to February were 1.1% lower than in the previous three months. There was a 0.5% decline in prices in February, largely offsetting January's 0.6% rise.

"Overall, prices nationally are at broadly the same level as last spring. This stability in prices is explained by the fact that market conditions have changed very little over this period with demand supported by low interest rates and supply remaining tight.

"Falling inflation should relieve some of the pressure on household finances over the coming months. Many of the economic statistics released in recent weeks have also been encouraging, suggesting that the UK may avoid slipping back into recession. These developments are positive for the housing market outlook. Significant uncertainties, however, persist and the prospects for house prices during 2012 will, to a large extent, depend on events in the Eurozone and the potential knock-on effects on the UK."

Key facts

-- House prices in the three months to February were 1.1% lower than in the previous three months. This was a little lower than in January (-0.9%) and the fifth consecutive month that this measure of the underlying trend has been slightly negative.

-- On a monthly basis, house prices fell by 0.5% in February. This followed January's 0.6% increase and continues the mixed monthly pattern seen over the past year.

-- Prices in the three months to February were 1.9% lower than in the same period a year earlier. This measure of the annual rate was little changed from the previous month (-1.8%) and has been between -1% and -2% for the last five months.

-- Nationally, the average level of house prices is very little changed to last spring. The UK average price in February, at GBP160,118, was similar to that in April 2011 (GBP160,393).

-- The proportion of house purchasers who are first-time buyers increased for the second successive month in February. This, together with a 7% increase in the industry-wide number of mortgage approvals for house purchase in January, suggests that the scheduled ending of the temporary increase in the starting threshold of stamp duty for first-time buyers from GBP125,000 to GBP250,000 later this month is encouraging some to buy before the threshold reverts to the lower level.

-- Falling inflation should ease some of the pressure on household incomes. Householders' real incomes fell in 2011, largely as a result of the pick-up in inflation. The annual rate of consumer price inflation has fallen in recent months from a peak of 5.2% in September 2011 to 3.6% in January 2012 and is expected to decline further in the coming months. Lower inflation should reduce some of the pressure on household incomes, helping to support housing demand.

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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