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"If the UK can avoid recession, we expect broad stability in house prices in 2012"
- Martin Ellis, housing economist at Halifax
U.K. month-on-month house prices edged lower 0.9 per cent to 160,063 pounds in December, the lowest level in more than two years, said the Halifax Bank of Scotland on Thursday. Halifax Bank is the unit of London-based Lloyds Banking Group Plc, Britain's No.1 mortgage provider.
"If the UK can avoid recession, we expect broad stability in house prices in 2012," said Halifax housing economist Martin Ellis.
"There is, however, considerable uncertainty regarding the prospects for the UK economy, which will, to a large extent, depend on how events in the eurozone unfold."
"In addition, the extent to which households choose to reduce their debts will also affect growth," Mr. Ellis added.