Halifax confirms modest house price recovery

Martin Ellis, chief economist, says the recovery in prices “is entirely consistent with the improvement noted by all the main indicators of housing market activity over recent months”. Despite the recovery since last summer, the Index reveals the annual percentage increase in house prices nationally in 2005 - at 5.1% - was the smallest for 10 years and significantly below the long-term annual average of 8%. In addition, the annual rate of house price inflation slowed in all regions in 2005 with the exception of London where prices rose by 6.7% compared with a 3.9% rise in 2004, while ho...