House prices fell by 1.3% in 2011

House prices fell by 1.3% in 2011, Halifax says.

House prices across the UK fell by an average of 1.3% in 2011, mortgage lender Halifax says.

A drop of 0.9% in December took the average house price down to £160,063.

Halifax said the property market had been surprisingly resilient in the face of falling incomes and a deteriorating economy.

The lender predicted that prices would be stable over the course of 2012 but warned the outlook was “uncertain”.

“If the UK can avoid recession, we expect broad stability in house prices in 2012,” said Halifax housing economist Martin Ellis.

“There is, however, considerable uncertainty regarding the prospects for the UK economy, which will, to a large extent, depend on how events in the eurozone unfold.

“In addition, the extent to which households choose to reduce their debts will also affect growth,” Mr Ellis added.

 

*reported by bbc.co.uk/news*

 


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