House Prices in the UK Up by 0.6% in January

House prices in the United Kingdom are up by 0.6 percent during the month of January, according to a report released by Halifax.  House prices are now at £160,907 on average during the previous month.  House prices are 1.8 percent below the prices evaluated from last year in the same period. According to Halifax, house market prospects largely depend on the ups and downs of the debt crisis in the eurozone. This has greatly affected the economy of the country and the changes manifest in the house prices. According to Martin Ellis who is a housing economist from Halifax, “If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012.”