House prices are up - but could go down again, says Halifax

House prices increased by 2.6% in May, according to the Halifax. This increase followed three successive monthly declines recorded by the lender of between 1.8% and 2.3%.

But the Halifax warned against too much optimism.

It said in a statement: "It is always important not to place too much weight on any one month's figures. Historically, house prices have not moved in the same direction month after month even during a pronounced downturn.

"For example, prices fell by 11% nationally during 1991 and 1992, but there were five monthly price rises in this period."


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