New data released by the Halifax show that house prices rose by 1.9% in January. While that is welcome news, the figures do not detract from the fact that prices have dropped 17.2% in the past year.
However, Nationwide released a survey last week that stated house prices fell by 1.3% in January.
Whoever is right, experts believe that UK house prices will fall further in 2009, so it's a question of see if the banks can free up mortgage lending to kick start the market. It's often the first time buyers that drive the market, so it's about getting those houses finanaced again.
Either way, you can take the UK house prices rise in January with a pinch of salt as they are sure to be right back down soon enough.
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