The underlying trends revealed by the Halifax House Price Index are more encouraging than the 'headline' figures suggest, according to one economist.

Simon Rubinsohn, Royal Institute of Chartered Surveyors chief economist, commented that despite the challenges ahead, which include the public spending cuts alongside a rise in mortgage rates and taxes, the housing sector will see a growth in sales.

He said: "The monthly level of sales should rebound in the coming months and may well end the year nearer to 70,000, rather the 60,000 area recorded at the back end of last year."

According to Halifax, house prices fell by 1.5 per cent last month which is the first decline since June 2009 and the price is now eight per cent above April 2009 estimates.

It is believed that the sluggish activity in the property market recorded between December and January was due to the stamp duty holiday and the snowy weather which brought city trade to a standstill.

People wishing to move house may want to consider using self storage facilities.

Written by Emily Sanders