Halifax House Price Index - May 2012
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UK house price growth on an underlying basis increased for second successive month in May, according to the latest Halifax House Price Index.
Commenting, Martin Ellis, housing economist, said:
"House prices in the three months to May were 0.8% higher than in the previous quarter, marking the second successive increase in this measure of the underlying trend. The more volatile monthly figures showed a 0.5% rise in May following April's 2.3% decline.
"Whilst there has been a modest improvement in the trend for house prices recently, the current average UK price is very similar to the levels both a year ago and at the beginning of this year. We expect this situation to continue with prices likely to still be around today's levels at the end of 2012 as the ongoing tough economic environment constrains housing demand.
"Recent monthly house sales figures have clearly been affected by the ending of the stamp duty holiday for first-time buyers in late March. Overall, the trend for sales - like that for prices – appears to be one of broad stability."
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