House prices ‘up 1.9% in January’ 2009

The price of UK homes rose by 1.9% in January, compared to December, according to the Halifax.

However it warned that one month’s figures did not indicate an end to the downward trend in prices, which it says have dropped 17.2% in the past year.

The average house price has now reached £163,966, according to the Halifax.

Last week, a survey by Nationwide suggested house prices fell by 1.3% in January, and they said job worries were putting off people buying homes.

Martin Ellis, chief economist at the Halifax, said his bank’s latest survey did not mean the property market had reached a turning point, after last year’s dramatic slump in mortgage lending, completed sales and prices.

“It’s far too early to make any conclusion,” he said.

“The figures are going against the trend and our survey shows that if you compare the last three months to the previous three [months] then prices are still down significantly, by about 5%,” he added.

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