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Halifax: house prices take 16% annual fall
Published: 02/01/2009 |
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According to the Halifax, the average UK house is 16.2 per cent cheaper than it was 12 months ago. Last month values fell 2.2 per cent and the lender has predicted more reductions are to follow. The fall is the most significant recorded since 1983 and has left the average house price at £159,896, it revealed. "Continuing pressures on incomes and the negative impact of the dislocation of the financial markets on the availability of mortgage finance are expected to exert further downward pressure on the market over the coming months," said chief economist Martin Ellis. He also noted a number of factors, including improving affordability and increasing household finances should help support demand and limit the downturn. Government statistics revealed UK pay for full-time workers has increased by 4.8 per cent in the 12 months to April 2008. This, combined with cheaper property and mortgages could bring buyers back onto the market.  |
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