TIDM68FF

RNS Number : 3825T

HBOS PLC

06 December 2011

Halifax House Price Index

 
 National Index   November 2011 
 
 
                       All Houses, All Buyers Index (1983=100) 
  Annual Change -1.0%    Quarterly Change   Monthly Change 
                               -0.6%             -0.9% 
             Standardised Average Price (seasonally adjusted) GBP161,731

Commenting, Martin Ellis, housing economist, said:

"House prices in the three months to November were 0.6% lower than in the previous three months. Prices fell by 0.9% between October and November. This followed October's 1.2% gain, therefore, continuing the very mixed monthly pattern seen this year.

"Overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households' finances. The UK average price now is only marginally lower than at the end of 2010. In addition, activity has recently shown a few signs of strengthening a little. We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little."

Key facts

-- House prices in the three months to November were 0.6% lower than in the preceding three months. This measure of the underlying trend was negative for the second successive month following three consecutive increases.

-- On a monthly basis, house prices fell by 0.9% in November. This continued the very mixed picture shown by the more volatile monthly figures. There has been an even split of monthly price rises and falls this year with five of each and one month of no change.

-- The average UK house price in November was marginally lower than at the end of last year. The average price in November was 0.7% lower than in December 2010 on a seasonally adjusted basis, at GBP161,731.

-- Annually, prices in November were 1.0% 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 (-0.7%).

-- Signs of a modest pick-up in housing activity. The industry-wide number of mortgages approved to finance house purchase - a leading indicator of completed house sales - increased by 3% in October and was 13% higher than in October 2010. The seasonally adjusted total of 52,700 in October was both the highest this year and the highest since December 2009. (Source: Bank of England)

The Halifax House Price Index is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance. (c) Bank of Scotland plc all rights reserved 2011.

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