Halifax House Price Index - November 2012

House prices in the three months to November were 0.7% lower than in the previous three months according to the latest Halifax House Price Index.

Commenting, Martin Ellis, housing economist, said:
"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.
"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."

Key facts

• House prices in the three months to November were 0.7% lower than in the previous three months. This was the sixth consecutive fall in this measure of the underlying trend but was an improvement on the 1.0% decrease in October.
• Prices in the three months to November were 1.3% lower than in the same period a year earlier. This is the same as the annual rate at the end of 2011: -1.3% in December 2011.
• House prices in November 2012 were virtually unchanged compared with November 2011 at an average of £160,879.

• House prices increased by 1.0% in November. There have been five monthly rises and six falls in the first 11 months of 2012

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