The Halifax House Price Index show that house prices have barely changed over the period November 2011 to November 2012.
Commenting, Martin Ellis, housing economist, said:
"There has been very little change in house prices overall during the past year with the average UK price in November almost identical to that in November 2011. Prices in the three months from September to November were 0.7% lower than in the preceding three months."
"Both demand and supply pressures in the market have altered little during the course of 2012, and this has been the key reason for the lack of anything other than modest changes in house sales and prices at a national level compared with a year ago. Challenging economic conditions have constrained housing demand whilst low interest rates have helped to support affordability and demand."
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"There has been very little change in house prices overall during the past year with the average UK price in November almost identical to that in November 2011. Prices in the three months from September to November were 0.7% lower than in the preceding three months."
"Both demand and supply pressures in the market have altered little during the course of 2012, and this has been the key reason for the lack of anything other than modest changes in house sales and prices at a national level compared with a year ago. Challenging economic conditions have constrained housing demand whilst low interest rates have helped to support affordability and demand."
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There has been a flurry of competitive mortgage products, both resi and BTL, in the past few months, from lenders wanting to see business improve for the new year. Legislation and lending practices are looking to get the market moving again in 2013, and many experts agree that value to BTL borrowers, not owner-occupiers, will be dictating the direction of the market.
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