Unexpected house price rise

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The Halifax has reported a 1.9% rise in house prices during January, ending 10 consecutive months of price falls. Figures from the Bank of England showed that the number of mortgages approved for house purchase rose by 15% in December, although they are still running at less than half of the level they were at a year earlier.
Economists were quick to warn people not to read too much into a single month’s data, as monthly house price changes tend to be volatile. And lots of other authoritative sources rush forward to warn us not to see this as any kind of continuing improvement. Of course, they’d know. They saw all this coming so clearly. If only we’d listened to them…