From This is Money:
The 1.9% jump in the cost of property is the first monthly rise in prices since February 2008 and left the average home worth £163,966, the report said today.
Halifax’s housing economist Martin Ellis cautioned against reading too much into the rise, warning that the three-month comparison, a more reliable indicator, showed prices down 5.1%.
Despite January’s rise, the average home is now 17.2% cheaper than a year ago, compared to 16.2% the previous month ? this is due to Halifax’s method of comparing an average for the past three months against the same period a year earlier.
Mr Ellis said: ‘Historically, house prices have not moved in the same direction month after month even during a pronounced downturn.
‘For example, prices fell for seven successive months in 1989 but subsequently increased in three of the first ten months in 1990 even though the overall trend in prices was downwards.
‘There are some very early signs that market activity may be stabili…
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