UK House Prices Increase 0.6% in January 2012

House prices in the UK rise by 0.6% in January but still remain 1.7% lower than at the same time last year.

The latest house prices index published by Halifax, the mortgage arm of Lloyds Banking Group, suggests that UK property prices rose by 0.6% in January 2012. This is the first house prices increase registered by the bank in the past 3 months.

At the end of January, the average price of a UK property stood at 160,907 pounds, which is 1.7% lower than in January 2011. This is also 0.9% lower than in the last quarter of 2011.

Commenting on the findings, chief economist of Halifax, Martin Ellis, said that "“Prospects for house prices over the coming months will, to a large extent, depend on events in the euro zone and the repercussions of developments there for the UK. If the U.K. can avoid a prolonged recession, we expect broad stability in house prices in 2012."

The detailed report on UK house prices in January 2012 can be found on the official website of the Lloyds Banking Group.