British homeowners have been offered a small glimmer of hope by the latest Halifax survey which has shown that house prices rose by 1.9 per cent last month.
The average house now costs £163,966 according to the Halifax which means that this rise had offset Decembers fall.
However, the Halifax themselves have warned against paying too much attention to any one months figures.
House prices in the UK have still fallen by 5.1 per cent over the last 3 month and by 17.2 per cent over the last year.
The Halifax’s housing economist Martin Ellis said ‘Whilst there may be a few small signs that market activity may be stabilising, there are still more risks that are placing downward pressure on the market in general. Rising unemployment and the lack of ability to obtain credit mean that the housing price crash is far from over’.
With the Bank of England today cutting the Interest Rate to a flat 1%, there will be even more people tempted to buy a house and benefit from lower mortgage payments.
