Halifax: Biggest prices rises since '99

Halifax: Biggest prices rises since '99

Tuesday, January 08, 2002

Well that was the dramatic slowdown that never was. While the doom-merchants were dreaming about the house price catastrophe that would have made nice headlines, back in the real world house prices just kept on rising. So much so, according to the Halifax index, that December's rise of 2.9% was the biggest single month increase since October 1999, taking the overall average price to £98,885 and the level of annual house price inflation to a whopping 15.5%.

Commenting on the figures Gary Styles, Head of Group Economics, said: House price inflation has been very strong in 2001 rising from around 3-4% at the start of the year to over 15% in December. Despite the terrible events of September 11th and the dramatic slowdown in the world economy the housing market has shown remarkable resilience.

The latest figures show the strongest monthly rise since October 1999 and this largely reflects a revival in consumer confidence, something a number of economic indicators have shown in recent weeks. Slowing economic growth and rising unemployment should help to ease house price inflation to more moderate levels over the course of 2002."

House Price Indices

	Seasonally Adjusted All Houses (All Buyers)			All Houses (All Buyers)			New Houses (All Buyers)			Existing Houses (All Buyers)			National Average Earnings	Price/ Earnings Ratio
	Index	% Chge	Std Avge Price	Index	% Chge	Std Avge Price	Index	% Chge	Std Avge Price	Index	% Chge	Std Avge Price	National Average Earnings	Price/ Earnings Ratio
Dec 2000	277.0	-0.6	85,579	273.0	3.1	84,350	259.9	6.4	90,430	277.8	3.0	84,322	25,226	3.34
Jan 2001	277.6	0.2	85,768	271.7	0.9	83,947	264.8	8.6	92,150	278.0	1.6	84,364	24,745	3.39
Feb	281.9	1.5	87,088	277.5	3.4	85,728	252.8	-2.0	87,952	283.9	3.9	86,174	25,746	3.33
Mar	284.1	0.8	87,784	283.8	4.1	87,673	248.6	0.5	86,507	290.4	4.6	88,136	25,919	3.38
Apr	289.1	1.8	89,323	292.0	5.7	90,210	265.4	10.8	92,337	298.6	5.8	90,612	24,707	3.65
May	293.5	1.5	90,680	295.5	7.3	91,289	270.3	0.7	94,054	303.1	7.9	91,994	24,553	3.72
Jun	297.9	1.5	92,050	302.4	9.7	93,439	280.7	7.1	97,682	310.2	10.6	94,137	24,861	3.76
Jul	300.0	0.7	92,683	303.5	9.6	93,760	278.6	4.2	96,941	311.8	10.8	94,618	24,784	3.78
Aug	304.3	1.4	94,015	306.7	10.9	94,753	298.4	6.8	103,839	314.2	11.5	95,361	24,572	3.86
Sep	304.5	0.1	94,084	304.9	8.8	94,213	282.6	4.7	98,334	312.3	9.6	94,790	24,553	3.84
Oct	304.5	0.0	94,082	305.0	9.4	94,231	287.4	1.6	100,019	311.5	9.5	94,544	24,649	3.82
Nov	311.1	2.2	96,133	313.2	11.5	96,761	288.4	15.0	100,355	321.1	12.5	97,442	.	.
Dec	320.0	2.9	98,885	315.3	15.5	97,412	284.7	9.5	99,056	324.0	16.6	98,332	.	.

First time buyers:

	Index	Ann chge %	Std. Avge. Price	Avge. Advance	% Advance	Avge. Income	A/I	P/I
Dec 2000	271.7	2.2	60,315	63,653	87.5	21,395	3.03	3.63
Jan 2001	273.3	-1.7	60,673	62,735	87.7	21,515	3.00	3.55
Feb	275.2	2.8	61,098	61,973	88.3	21,136	3.01	3.55
Mar	282.8	2.3	62,772	64,099	87.2	21,613	3.05	3.64
Apr	291.4	3.9	64,696	63,597	86.7	21,800	3.02	3.62
May	293.7	6.2	65,200	65,072	86.7	21,816	3.07	3.68
Jun	299.8	9.0	66,562	65,433	86.3	22,159	3.04	3.68
Jul	296.6	6.8	65,853	65,176	86.3	22,223	3.03	3.69
Aug	303.6	10.2	67,388	65,042	86.3	22,165	3.02	3.67
Sep	305.6	11.4	67,847	64,442	86.6	22,021	3.03	3.67
Oct	302.4	9.3	67,140	63,186	87.2	22,431	2.99	3.57
Nov	312.0	13.5	69,262	65,810	86.8	24,457	2.89	3.50
Dec	312.0	14.8	69,269	69,872	86.6	26,101	2.90	3.49

Owner occupiers:

	Index	Ann chge %	Std. Avge. Price	Avge. Advance	% Advance	Avge. Income	A/I	P/I
Dec 2000	278.3	5.7	100,809	83,966	69.9	29,600	2.99	4.79
Jan 2001	275.5	4.1	99,791	83,805	70.5	29,567	3.00	4.76
Feb	281.1	5.1	101,816	82,832	69.5	29,246	3.03	4.85
Mar	287.2	5.2	104,013	84,054	67.9	29,558	3.02	5.00
Apr	294.1	5.9	106,536	84,400	67.3	29,699	3.00	4.98
May	299.2	6.7	108,381	85,886	67.0	30,351	3.00	5.03
Jun	307.2	8.9	111,269	88,425	66.3	30,702	3.05	5.14
Jul	311.0	10.5	112,640	86,603	66.1	30,094	3.05	5.16
Aug	313.2	11.3	113,421	84,791	65.7	29,681	3.03	5.20
Sep	307.4	7.6	111,321	82,270	65.3	29,643	2.98	5.15
Oct	309.7	10.3	112,173	80,690	65.7	29,862	2.92	5.05
Nov	317.0	11.0	114,800	84,609	65.7	32,219	2.90	5.03
Dec	321.4	15.5	116,402	87,522	66.1	33,976	2.84	4.89

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