Home prices dipped in Q4 2011

Published 9 January 2012

Residential property prices fell marginally by an average 01% during the fourth quarter (Q4) of 2011 compared to Q3, following a 0.9% month-on-month fall in prices in December, according to fresh figures from the Halifax.

The data provided shows that 2011 was a roller coaster ride for UK property values, with six monthly falls, five rises and one month of unchanged prices.

The greatest month-on-month rise in home sales last year was recorded between October and November, with sales volumes in November at their highest point since 2009 at a seasonally adjusted 79,000.

Martin Ellis, a Halifax housing economist, commented: “Whilst there was a modest fall overall in prices during 2011, house prices held up well last year in the face of the difficult and deteriorating economic climate and substantial pressure on households’ finances.

“If the UK can avoid recession, we expect broad stability in house prices in 2012. 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.”