House prices went up 1.3% in January 2007, so the Halifax states.
This increase, following December's 1% fall in property values, makes the average property 9.9% more expensive than in January 2006 when it was £188,623.
Given the January rise, the Halifax considers house prices are not going to go up as much forecast. Property values are likely to end 2007 only 4% higher.
The jumble of monthly price increases and decreases in December as well January is consistent with the market slowing down.
Halifax points out two key indicators of the property market dropped in December.
The number of mortgage approvals for house purchases went down from 129,000 in November to 113,000 in December, which is the lowest level since April 2006. New buyer enquiry numbers in December fell for the first time since May 2005.
Such figures, as well as January's interest rate rise, adds up to the Halifax predicting that 2007 is likely to witness a slower property market than 2006.
Mortgage lender rival Nationwide also point to a less strong 2007 for the property market.
The Nationwide confirm that we are going to see less demand due to lack of affordability and increasing interest rates.
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Halifax Reports House Prices Increase Again
Fri, 09 Feb 2007
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