House prices up month-on-month

Wednesday, 06 April 2011 11:06

The latest Halifax House Price Index reveals property valuations have risen modestly over the past few weeks.

Between February and March, the average house price in the UK rose by 0.1 per cent to £162,912.

The figure is seasonally adjusted - so the arrival of spring should not be responsible for the rise in prices.

However, over the year since March 2010 the headline statistic is down by 2.9 per cent, with a 0.6 per cent drop in the first quarter of 2011.

Martin Ellis, housing economist at Halifax, says: "House prices continue to fall at a modest pace as measured by the quarterly rate of change, the best measure of the underlying trend."

The data compares with that of the Land Registry, which reported an annual fall of 1.7 per cent in property prices in February and an average valuation of £162,215, similar to that of the Halifax House Price Index for the month.

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