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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.

 
House prices down but 'stable', Halifax says

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.

The news comes just days after Nationwide said its figures showed a 0.7% fall in prices in July, while earlier this month property website Hometrack said prices had declined 0.1%.

6 comments so far. Why not have your say?

Chris Clark

Aug 06, 2012 at 12:10

I'd sure prefer to see the ONS doing this surveying rather than the banks.

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S G

Aug 06, 2012 at 12:42

Did anyone else see the home in the paper currently at £2,500, not sure where it is.

But I did think it would be a very funny sketch to see someone go into the bank and try and get a mortgage for it, and just keep a real straight face....

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Franco

Aug 06, 2012 at 16:17

If the average house price is £161, 000 and average pay is £25,000, the ratio is 6.4 which is miles too high.

House prices have another £61,000 to fall before they become reasonable. Hold off buyers, sellers are living in a dream world..

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Tongue of Fire

Aug 06, 2012 at 16:59

Prices will only fall when the mortgages have been paid off, and the banks have more to lend, which they will then lend and then prices will rise. Hubble bubble toil and rubble?.

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Dislexic Landlord

Aug 06, 2012 at 17:35

FAO Franco

I totaly agree with your comments

Prices need to go lower There is a lot of Property on the Market and its going knowwhere

I buy in quite a small area normay two bed flats

Property Prices in Genaral

2007 Price £95000

2012 If yopu want to sell the very same flat the price to sell would be £55000 to £60000

There is a glut of property between £75000 and £85000 and its not selling infact the For Sale Boards have Cobwebs

BTL Landlords are buying at £55000 and £60000

I think if Landlords had not stepped in the Prices would be lower

I know my market is small in terms of the size of the NE but thats my feelings about prices

I dont think we will see much change in 5 years we will bump along like this for some time to come

For me the Bargins are there rentals good so roll on its not all bad but there agian im not selling thank goodness

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fatcat

Aug 06, 2012 at 18:15

I buy and sell in central London and shifted two today. Fantastic 30 per cent in 18 months off plan. I am afraid to say there is no let up in good areas wish I had bought more .. Common sense really and I only see prices continuing upwards in the best locations.

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