UK house prices expected to increase

The next 12 months is likely to see house prices in the UK property market climb rather than fall, judging by predictions made in a new survey.

According to the latest Halifax Housing Market Confidence Tracker, 29 per cent of those questioned expect such costs to rise in 2012 - markedly more than the 22 per cent of respondents who reckon the values will dip.

In addition, the investigation revealed more people think now is a better time to buy (50 per cent) as opposed to sell (ten per cent).

Martin Ellis, housing economist at Halifax - which is a division of Bank of Scotland - said: "Modest improvement in consumer confidence in the outlook for house prices reflects the resilience of the UK housing market over recent months in the face of a weak economic recovery."

The industry figure pointed out the findings highlight the sector has been able to stand firm despite a worsening outlook for both the UK and the global economy.