RICS - November Halifax house price index

Commenting on the Halifax house price index, Simon Rubinsohn, RICS chief economist said: "While some measures of house prices appear to be suggesting a slackening in momentum, the latest figures from Halifax point towards a more buoyant picture. The November increase of 1.4 percent follows gains of 1.1 percent and 1.5 percent in the previous two months. On a straight year on year comparison, house prices on this index are now higher than they were a year ago although still 16 percent down from the high water mark. This compares with the Nationwide index which is 12.5 percent away from the peak.

"Despite the probable ending of the extended zero rate band for stamp duty  at the end of the year, the likelihood is that prices will continue to rise in the early part of 2010. Although the fresh supply of property is begining to pick up, it is continuing to lag behind the increase in buyer interest which suggests that, at least in the near term, the market will continue to tighten."