Its latest figures showed that average property values were down 1.0% year-on-year in November to £161,731 and down 0.6% in the three months to November compared to the previous quarter.
Martin Ellis, housing economist, said the house November’s house price fall in continued “the very mixed monthly pattern seen this year” and predicted no change in the months to come.
In 2011 overall, there have been five months of house price increases, five months with price falls and one months of no change.
Ellis said: “Overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households’ finances. The UK average price now is only marginally lower than at the end of 2010. In addition, activity has recently shown a few signs of strengthening a little.”
Bank of England figures show that the number of house purchase mortgage approvals rose 3% in October and was up 13% year-on-year to 52,700 – the highest level since December 2009.
Ellis added: “We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months, as demand and supply conditions alter little.”
Tracy Kellett, director of the home buying agency BDI Homefinders, said that Halifax’s figures added to the confused picture of national house prices.
She said: “Behind the apparently contradictory data lies a housing market that is still essentially stagnant, with paltry levels of transactions. This is why tiny variations in the numbers will make house price indexes fluctuate wildly.
“But such volatility should never be confused with progress.”
She added: “Detailed and careful research of the local market is still the only way to gauge whether a property is priced realistically.”
