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House prices rise 1.2% quarter-on-quarter

The average house price rose 1.2 per cent between the fourth quarter of last year and the first quarter of 2013, according to the latest Halifax house price index.

The average price in the first quarter was £163,488 compared with £161,454 over the last three months of 2012. This is the fourth consecutive quarter-on-quarter increase in house prices, while prices increased 1.1 per cent on an annual basis.

Halifax housing economist Martin Ellis expects a “modest” increase in house prices throughout 2013.

He says: “The housing market continues to show signs of modest improvement. Prices in the first three months of 2013 were 1.2 per cent higher than in the preceding quarter. Prices were 1.1 per cent higher than in the first three months of 2012. House sales also continued to rise, according to the latest industry-wide figures.

“Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of this year. Overall, we expect to see a modest increase in UK house prices during 2013.”

See the table below for a breakdown of the movement in house prices in the 12 months to March (Click to enlarge):

Houseprices

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