House prices in the UK are likely to remain stable in 2012 - provided the nation steers clear of recession.

This is according to Martin Ellis, housing economist at Halifax - which is a division of Bank of Scotland - who was speaking in response to his company's latest house price index.

According to the figures, the cost of dwellings in the fourth quarter of 2011 were 0.1 per cent lower than that recorded in the previous three-month period, with values falling 0.9 per cent between November and December.

Mr Ellis stated: "There is, however, considerable uncertainty regarding the prospects for the UK economy which will, to a large extent, depend on how events in the eurozone unfold."

The industry figure went on to point out that growth will also be dependent on how households choose to reduce their debts - meaning uncertainty remains regarding the outlook for dwelling costs in the UK for the coming months.