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HOUSE PRICES DOWN 2.6 PER CENT

HOUSE PRICES DOWN 2.6 PER CENT (Buying)

by administrator @, Friday, September 09, 2011, 09:27

House prices have fallen for the first time since April leaving the average house price at £161,743 - down 2.6% compared to this time last year, according to the Halifax.

Although average prices dropped by 1.2% in August - ending three consecutive months where prices have risen - they were up by 1% on the quarter. They were, however, 2.6% lower compared to the same quarter a year ago where they stood at £168,388.

Housing economist, Martin Ellis said: "The underlying trend, as measured by the latest three months compared with the preceding three months, showed a modest improvement in house prices for the second consecutive month in August. Prices in the three months to August were 1.0% higher than in the previous three months.

"As we have pointed out before, the current low volume of sales tends to make house prices volatile from month to month. The 1.2% fall in August follows three months when prices have risen. As a result, the more reliable quarterly change, which smoothes out some of the monthly volatility, shows a rise in prices of 1.0%.

"A recent decline in average mortgage rates has further boosted home affordability for those able to raise a deposit to make a new purchase. Low interest rates are likely to continue to support the market whilst increased uncertainty about the economic outlook and pressures on householders' finances constrain demand. Overall, we expect broad stability in both prices and activity over the coming months."

Mortgage approvals increased for the third successive month in July, to 49,200, according to the latest Bank of England figures. In addition, approvals were 2.5% higher than a year earlier. Despite rising to the highest level since May 2010, the number of approvals remains within the range of 45,000-50,000 per month where it has been since the beginning of 2010.


www.halifax.co.uk

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