House Prices FAll in September
A report by the Halifax today shows that house prices fell in September by 0.6%. The reduces the annual house price inflation rate to 10.7% from 11.4% in August.The Halifax calculates that the average residential property across the UK now costs £198,500.
The lender said the fact that prices had been rising and falling by small amounts each month this year reflected a subdued market.
"Overall, prices in the third quarter were 0.9% higher than in the previous quarter," said the Halifax's chief economist, Martin Ellis.
"This compares with increases of 2.3% in 2007 Q2 and 3.0% in 2007 Q1, marking a continuing steady downward trend in the rate of house price growth since the end of 2006."
The Halifax's research is now pointing in the same direction as other market surveys, such as those from its rival lender the Nationwide and from the Royal Institution of Chartered Surveyors.
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