Mixed messages on UK house prices

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The February fall in the more volatile Halifax survey more than wiped out January's 0.8% rise, leaving the average house price at £162,657.

The result contrasts with the 0.3% rise signalled by the Nationwide earlier this week, but economists said results from both surveys averaged over recent months were consistent with stagnant or slightly falling house prices. Howard Archer, chief UK and European economist at IHS Global Insight, said: "The Halifax house price index has actually been pretty volatile over the past few months showing significant fluctuations around an overall modestly declining trend. We expect this trend to continue.

"It is best to try and draw an overall impression on all the data available relating to both house prices and activity. And this to us suggests that the housing market is still stuck in the doldrums."

Halifax's monthly figures have recorded five increases and seven falls during the past 12 months, but less volatile quarterly figures showed a 0.4% decline. Prices are 2.8% lower than a year earlier, the lender added.

Martin Ellis, Halifax housing economist, said: "Overall, we expect a modest 2% decrease in house prices in 2011. Uncertainty over the economic outlook is likely to weigh down on housing demand this year.

"Fewer properties have been coming on to the market in recent months. This trend, if sustained, should improve the balance between demand and supply and help to prevent a more significant fall in house prices."