House prices still virtually static says Halifax
House prices continued 2012's pattern of slight fluctuations in November, rising by 1% according to Halifax. There have been five monthly rises and six falls in the first 11 months of 2012.
'There has been very little change in house prices overall during the past year with the average UK price in November almost identical to that in November 2011. Prices in the three months from September to November were 0.7% lower than in the preceding three months,' says Martin Ellis, Halifax housing economist.
'Both demand and supply pressures in the market have altered little during the course of 2012, and this has been the key reason for the lack of anything other than modest changes in house sales and prices at a national level compared with a year ago. Challenging economic conditions have constrained housing demand whilst low interest rates have helped to support affordability and demand.
'There are signs that the Funding for Lending Scheme (FLS) is helping to reduce mortgage rates and may be contributing to the recent pick-up in mortgage approvals. The FLS should help to ease credit constraints, resulting in some improvement in mortgage availability in 2013.'