The Halifax Building Society recently published their house price index for December 2012. The figures are based on nationwide data from which a ‘standardised’ house price is calculated.
The annual change of house prices is then analysed by comparing the 3 months preceding the survey with the same period of the previous year.
There are many house price indexes prepared by various bodies (which often produce differing results), but the Halifax’s index is the longest running house price series with data going back to 1983.
The published figures are as follows:
Annual change -0. 3%
Quarterly change +0. 6%
Monthly change +1. 3%
Average Price £163, 845
Commenting on the figures, Head of Housing Economics at Lloyds Banking Group stated that figures have ‘shown evidence of firming’ with a 0. 6% increase on 07/12 to 09/12.
However prices in the 10/12 to 12/12 sample period were actually 0. 3% lower than in the same months in 2011.
Prices in 2012 “lacked any real direction” with six monthly increases and six monthly decreases.
Importantly for the properly sector as a whole, activity has increased albeit marginally, with sales increasing from 75, 000 in July to 80, 000 in November.
In summary and perhaps unsurprisingly, the report describes the outlook as “more unclear than usual” with general economic uncertainty and pressures to blame.
Fridaysmove solicitor panel note record increases
Fridaysmove have seen a record increase (compared with the first 5 working days of 2012) in new enquiries in the first five working days of 2013 and a survey of our solicitors confirm a record number of completions in the first week of Jan – (238 as at 09/13).
It’s early days of course, but these figures would seem to echo the bullishness of the 40% (approx. ) of Halifax survey respondents who predict house price increases in 2013.