HALP Halifax 9.375bd

    RNS Number : 0107L
  HBOS PLC
  02 January 2009
   


    Halifax House Price Index
 National Index  December 2008


                       All Houses, All Buyers Index (1983=100)
        Monthly Change -2.2%            Annual Change -16.2%
    Standardised Average Price (seasonally adjusted)  �159,896


    Commenting, Martin Ellis, Chief Economist, said:
    "There was a 2.2% decline in average UK house prices in December. Continuing pressures on incomes and the negative impact of the
dislocation of the financial markets on the availability of mortgage finance are expected to exert further downward pressure on the market
over the coming months.  
    But a number of factors will help to support demand and should help to limit the downturn. Improving housing affordability and an easing
in the pressure on the majority of households' finances should support market activity and prices. The house price to earnings ratio - a key
affordability measure - is at its lowest for five and a half years."



 Key Points
 * House prices fell by 2.2% in December.  


 * House prices nationally declined by 5.2% in Quarter 4.  This was similar to
 the decreases recorded in the two previous quarters (-5.6% in Quarter 3 and
 -5.1% in Quarter 2), suggesting that the underlying rate of decline may be
 stabilising.


 * House prices in December were 16.2% lower on an annual basis. The UK
 average price has returned to the level in August 2004 (�159,799). 


 * The house price to earnings ratio - a key affordability measure - is at its
 lowest for five and a half years.  The house price to average earnings ratio
 has decreased to an estimated 4.44 in December 2008 from a peak of 5.84 in
 July 2007. The ratio is at its lowest level for over five and a half years
 (April 2003: 4.44). The long-term average is 4.0.


 * Housing market activity shows signs of stabilising albeit at a low level.
 The number of mortgages approved to finance house purchase was broadly
 unchanged for the fourth successive month in October at a seasonally adjusted


    
    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. � Bank of Scotland plc all rights reserved 2008.








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