UK property prices still extremely volatile

Great Britain property prices are still extremely fickle and 2011 has represented a very assorted year for the UK property marketplace.

Economic experts at Halifax, one of the UK’s biggest mortgage lenders believe that the existing UK housing market lacks focus, after 4 months of growing property values, four depreciations in value and only one month without any alteration.

Last month’s turn down in property values of 0.5% is the second consecutive month of price drops, accompanying a drop of 1.1% in August.

The Halifax said median prices in the quarter to September were still 0.1% higher than the former 3 months – the first such rise since early 2010.

On a seasonally aligned footing, the average UK house price in September 2011 was 1% lower than in December 2010, at £161,132. The assorted lookout is likely to carry on, because financial doubt still outbalances demand.

Halifax housing economist Martin Ellis said: “This assorted pattern is coherent with a market where prices are deficient of real direction. We anticipate little change over the remainder of the year”.

Bristol letting agents Igloolets.com spokesman Kevin Cox said "The subjuded housing market continues to exacerbate first time buyers, and this can only be good news for most Landlords, as the demand for rented property continues unabated"