The Halifax reported a 0.8% rise in its three month house price trend survey. This gives  a good sign that the house price stabilisation is more than just a one off monthly event. House price forecasts at the beginning of 2009, are now looking more bearish and likely to be missed. The Institute of Chartered Surveyors have changed their forecast from a fall of 15% to a modest rise.

Despite the scale of the credit crisis and depth of the recession, the fall in house prices has been relative modest. By long term House price to earning trends, UK houses are far from being cheap. Therefore, any house price recovery will be limited by lack of affordability and continued reluctance from the banks to lend.