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House prices down but 'stable', Halifax says
House prices fell 0.6% in July, bringing the cost of the average UK property to £161,094.
UK house prices fell by 0.6% in July but remain ‘broadly stable’, according to Halifax.
July's fall in prices follows two consecutive increases in May and June, indicating that on a monthly basis house prices are continuing to fluctuate, said Halifax’s housing economist Martin Ellis.
So far this year there have been four monthly rises and three falls. At a national level, however, house prices have been very stable over the past year or so, Ellis added.
‘The underlying trend in house prices was flat in the three months to July compared with the previous three months,’ he said.
In fact, at £161, 094, the average UK house price is at a very similar level to the summer of 2009.
Looking forward, Ellis predicted few change in prices over the remainder of the year so long as the economic climate in the UK does not worsen substantially.
Russel Quirk, of estate agent website eMoov.co.uk, warned that the future of the UK’s property market hinges on whether the euro survives or fails.
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