House prices up for first time in a year

According to the survey, the average UK house price is now £163,966, having fallen 17.2% over the past twelve months. Halifax was keen to downplay the increase, saying prices have still fallen on an underlying basis, decreasing 5.1% in the three months to January from the preceding three months. Martin Ellis, housing economist at Halifax, says: "It is always important not to place too much weight on any one month's figures. Historically, house prices have not moved in the same direction month after month even during a pronounced downturn." Ellis says an example from 1989 may prove his p...