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LATEST NEWS & EVENTS House market wobbles as prices fall  Residential property conveyancing may have taken a hit at the tail end of last year, after it emerged that house prices fell by close to one per cent. Prices in the final three months of 2010 were 0.9 per cent lower than in the previous quarter, according to figures from the Halifax. From November to December, house values fell by 1.3 per cent, with the average price now 1.6 lower than the same time the year before. The lender was quick to point out that this decline is "significantly less" than the falls of between five and six per cent seen in the second half of 2008. Housing economist Martin Ellis said: "Looking forward, we expect limited movement in house prices during 2011 but with the risks on the downside. Interest rates will remain very low for some time, he noted, adding that this will support first-time buyers and take pressure off homeowners to sell. Mr Ellis continued: "Current signs that homeowners are becoming more reluctant to sell would, if continued, help reverse the imbalance between buyers and sellers." Commenting, Simon Rubinsohn from the Royal Institution of Chartered Surveyors said that a drop-off in supply will "provide a floor for the market". Posted by Gaby Hamerton 
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