Halifax House Price Index - March 2012

04 April 2012

Underlying house price growth in the first three months of 2012 were broadly similar to the last quarter of 2011, according to the latest Halifax House Price Index.

 Commenting, Martin Ellis, housing economist, said:
"House prices in the first quarter of 2012 were little changed compared with the final quarter of 2011, showing a decline of just 0.1%. This was the same as the slight fall recorded between the third and fourth quarters of 2011. The underlying trend therefore indicates broad stability in UK house prices. The more volatile monthly figures continue to fluctuate as a result of the historically low level of sales volumes, increasing by 2.2% in March following February's 0.4% fall.

"Efforts by first-time buyers to beat the expiry of the stamp duty holiday at the end of March have probably increased sales in recent months and may have helped to support prices.
"We continue to expect little overall movement in prices this year provided that the UK economy does not suffer a pronounced weakening."

 Key facts

  • House prices in the three months to March were 0.1% lower than in the previous three months. This was the same as the decline in prices on this measure of the underlying trend in December 2011 (-0.1%).
  • On a monthly basis, house prices increased by 2.2% in March. This followed February's 0.4% fall as prices continue to fluctuate month-to-month as transactions levels remain historically low.
  • Prices in the first three months of 2012 were 0.6% lower than in the same period last year. This was the smallest fall in prices on this measure of the annual rate since October 2010 (+1.2%).
  • The average UK house price is at the same level as in July 2011. The UK average price in March 2012, at £163,803, was almost identical to that in July 2011 (£163,765).
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