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| House prices continue fall |
| Thursday, 09 October 2008 | |
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House prices continued to fall in September, according to the latest figures from the Halifax.
It says average house price fell by 1.3% during the month to about £172,000, a decline of 12.4% over 12 months. However, on the positive side the bank believes the rate of decline may be slowing. The fall during September was the smallest monthly decline for seven months. It brings the average price close to that of January 2006, £170,866. "The overall price decrease in the three months to September was very similar to that in the previous quarter, indicating that the trend rate of decline may be beginning to stabilise," Halifax chief economist Martin Ellis said. In the quarter to September, house prices declined nationally by 5.2%, almost identical to the 5.1% fall in the second quarter.
The mortgage lender also noted that the house price to earnings ratio was improving, falling from a peak of 5.84% in July 2007 to 5.02%, with further reductions in the figure likely to come. The long-term average is 4%.       |
