Halifax House Price Index - July 2012
House price growth on an underlying basis remains broadly stable, according to the latest Halifax House Price Index.
Commenting, Martin Ellis, housing economist, said:
"The underlying trend in house prices was flat in the three months to July compared with the previous three months. House prices fell by 0.6% in July following consecutive increases in May and June as prices continue to fluctuate on a monthly basis.
"At a national level, house prices have been very stable over the past year or so. This can largely be explained by the static nature of supply and demand conditions during this period. Looking forward, we expect little change in prices over the remainder of 2012 so long as the economic climate in the UK does not worsen substantially."
- House prices in the three months to July were unchanged from the preceding three
months. This represented an improvement on the previous month when this measure of the underlying trend reported a fall of -0.3%.
- House prices decreased by 0.6% in July. The decline in July followed two consecutive rises as prices continue to fluctuate on a monthly basis. So far this year, there have been four monthly rises and three falls.
- Marginal increase in prices so far this year. The average UK house price in July 2012 was 0.8% higher than in December 2011, at £161,094. Nationally, house prices are at a very similar level to the summer of 2009.
- Prices in the three months to July were 0.6% lower than in the same period a year
earlier. This was very similar to the fall of 0.5% recorded in June as the annual rate has remained within a narrow range of between -0.1% and -0.6% over the past five months. A year ago, prices were falling at an annual rate of 2.6% (July 2011).
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