Halifax: house prices continue to fall
House prices in the UK are continuing to fall, according to the latest House Price Index from Halifax.
The research shows that the average price of a property declined by 1.7 per cent in July, encouraging more people to stick to renting houses in London.
On an annual basis, the average property price across the country has fallen by 8.8 per cent in the year to July.
A home in the UK typically costs £177,351, which is £44,980 more than in July 2003, when the average property price was £133,371, meaning that more first-time buyers are choosing to rent.
"Pressure on householders' income, together with a very significant reduction in mortgage finance due to the global financial markets crisis, is constraining potential house buyers' ability to enter the market," said Halifax economist Suren Thiru.
"This is resulting in both lower prices and activity levels," she added.
It is expected that the Monetary Policy Committee will maintain rates at five per cent when its latest decision is announced today (August 7th).
Published 7th August, 2008
© 2008 Estates IT Limited
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House prices in the UK are continuing to fall, according to the latest House Price Index from Halifax.