Halifax has recently referred to the UK housing market through the year 2011 as stable.  This is the case in regard to home prices, where consistency has been the temperament of the market for several months.  The average home price in November was less than a 1% change from December of last year.  Halifax also reported the average home price currently sits at 161,731 pounds.

The Halifax housing economist, Martin Ellis, commented on the recent report on home prices, saying: "House prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households' finances."

Stability in the housing market was also defined by the lack of movement of the average home price during the last three months.  Home prices in the three months prior to the month of November were only 0.6% lower overall. 

Ellis continued to discuss the current trend which exists, saying: "We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little."

Some close to the housing market are still warning about a turn towards a downward trend in the market.  The expectation is for home prices to go through a quick fall and then return to a recovery mode.

Howard Archer, chief UK and European economist at IHS Global Insight, believes home prices will likely drop 5% from their current levels the middle of 2012.

He said: "The squeeze on consumers' purchasing power should ease as 2012 progresses as inflation falls back markedly, and this may help house prices to stabilise in the second half of 2012 along with ongoing very low interest rates.

"However, unemployment is likely to rise appreciably further and wage growth looks set to remain muted so the overall environment will still be very tough for households."