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British house prices rebound in January: survey

Wednesday, 08 February 2012 09:45

British house prices climbed in January, a leading survey showed on Monday, in contrast to a rival report that showed that they dropped at the start of 2012.

House prices climbed by 0.6 percent in January after falling by 1.0 percent the previous month, data from home-loans provider Halifax showed on Monday.

Nationwide bank had reported last week that British house prices fell by 0.9 percent in January from December.

Halifax, which is part of state-controlled Lloyds Banking Group, added on Monday that the average house price in Britain stood at £160,907 (194,290 euros, $253,660) in January, which was 1.8 percent lower than one year ago.

"The continuing very low level of interest rates has helped to support housing demand, resulting in little overall movement in house prices since last spring," Halifax housing economist Martin Ellis said in a statement.

"Prospects for house prices over the coming months will, to a large extent, depend on events in the eurozone and the repercussions of developments there for the UK economy.

"If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012," he added.

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