LONDON (dpa-AFX) - U.K. house prices declined 0.9 percent in December from a month ago, survey data released by the Lloyds Banking Group's Halifax division revealed Friday. In 2011, house prices showed a very mixed monthly picture with six monthly falls, five increases and one month of unchanged prices.
In the fourth quarter, house prices were 0.1 percent lower than in the prior quarter, compared to a 0.1 percent rise in the third quarter.
Whilst there was a modest fall overall in prices during 2011 with an annual decline of 1.3 percent in December, house prices held up well last year in the face of the difficult and deteriorating economic climate and substantial pressure on households' finances, noted housing economist Martin Ellis.
The economist expects broad stability in house prices in 2012 if the economy avoids recession. But there remains considerable uncertainty regarding the prospects for the UK economy.
Copyright RTT News/dpa-AFX