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Winter freeze for house prices

House prices down by 0.9% in November

house with pound signs

Mixed bag for house prices in 2011

The average house price now sits at £161,731 according to the latest Halifax house price index figures. 

House prices fell by 0.9% in November bringing the average house price down to £161,731 from £164,269 in November 2010. This fall in prices followed a rise in October of 1.2%.  

Mixed picture for house prices in 2011

According to the Halifax price index, the picture for house prices has been mixed in 2011 with an even split of monthly price rises and falls with five of each and one month of no change. 

The average house price in November is just 0.7% lower than at the end of 2010 when the average house price stood at £162,803.

Martin Ellis, housing economist at Halifax, said: ‘Overall house prices have remained remarkably stable in 2011.  We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply alter little.’

If you’re looking to buy, Which? has tips for you on how to buy a house.

Not all doom and gloom on house prices and mortgages

Annually, prices in November were 1% lower as measured by the average for the three months to November against the same period a year earlier. This continues the improvement experienced since May when prices were 4.2% lower and is the smallest annual fall since November 2010. 

Halifax also reports that the number of mortgages approved to finance house purchases rose by 3% in October and was 13% higher than in October 2010.  

If you’re looking to move or remortgage, our Which? mortgage calculator can help you find the best deal.

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