With the continuation of the record low Bank of England interest rates (0.5%) there has been very little movement in UK property prices for more than 8 months.

However, UK mortgage lender Halifax reckons there was a 0.6% increase in UK property values in January 2012.
The UK’s largest mortgage lender found that despite the month-on-month increase in January, on average UK property prices were still 0.9% lower over a rolling three-month period.

The average price of a UK residential property in January 2012 was £160,907.

This has resulted in a 14-year low, in terms of payments in proportion to household earnings, for new borrowers looking to invest in UK residential properties.

Martin Ellis, housing economist at Halifax, said: “If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012.”

The prospects for UK property prices in 2012 will depend on many facors, including the fallout and repercussions from the Eurozone debacle and its effect on the struggling UK economy.

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