"If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012"
- Martin Ellis, Halifax's housing economist
U.K. house prices rose 0.6% to £160,907 in January, for the first time in three months, said the Halifax, the mortgage unit of Lloyds Banking Group Plc on Monday.
"The continuing very low level of interest rates has helped to support housing demand, resulting in little overall movement in house prices since last spring," said Halifax housing economist Martin Ellis.
"Low rates have contributed to mortgage payments falling to their lowest level as a proportion of disposable earnings for a new borrower for 14 years. A recent improvement in employment trends may also have supported demand."
"If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012," he added.
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