House prices see third consecutive fall in September

5th Oct 2012

House prices across the UK have remained largely unchanged so far in the first nine months of 2012. However, the newest figures released have shown that they fell once again in September ever so slightly following the trend for the rest of the summer.

With lower activity in the warmer months normal, this could be expected, but it is thought that the Olympics and Euro 2012 meant more people were watching sports and staying home rather than looking for new properties for sale.

September's Halifax House Price Index has reported that the average home across the country now costs around £159,486. This has meant that there was a 0.5 per cent contraction in the cost of properties throughout the last month.

It has also been said that this is the third consecutive drop in house prices, as the summer months took effect.

However, overall, the price of homes in the UK property market has stayed largely similar over the course of 2012 until now. Since December 2011, the value of services has dropped by just 0.3 per cent overall.

Martin Ellis, Halifax housing economist, said: "The generally weak economic climate remains a significant constraint on housing demand. The relatively low level of mortgage payments in relation to income, however, continues to provide support for house prices. We expect house prices to be broadly unchanged over the rest of this year and into 2013."

Posted by Staff Writer: ADNFCR-1286-ID-801464219-ADNFCR

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