UK house prices dip in December

10 January 2012

Now could be the ideal time for individuals to obtain property development finance if they are looking to invest in and renovate a home.

The latest house price index from Halifax has revealed the average cost of dwellings in the UK declined by 0.1 per cent during the final quarter of 2011 compared with the previous three months.

There was also an annual dip of 1.3 per cent in prices and developers may want to take advantage of this lull in the market.

In December, the average price of a property was £160,063, the index revealed.

Housing economist at Halifax Martin Ellis described the outlook for 2012 as "uncertain" due to household debt and the current instability in the eurozone.

"If the UK can avoid recession, we expect broad stability in house prices in 2012," he added.

One location to buck this trend was Woking in Surrey, as the Halifax Town House Price Survey showed property values in the area increased from £257,590 to £299,654 in 2011.