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September sees fall in house prices
The property market saw a decline in house values in September, which could come as good news to people looking for mortgages.
According to the Halifax House Price Index, the average price for homes dropped by 0.5 per cent from the previous month.
The results also showed a fall of 2.3 per cent from September 2010, which means those who purchased a house last month were able to get a lower mortgage than the year before.
Housing economist at Halifax Martin Ellis stated that prices may have fallen as a result of a lower demand for properties, due to poor earnings growth, higher inflation and tax increases.
While he noted that a rise in employment levels and low interest rates could help the property market, he said: "We expect little change over the remainder of the year."
These results compound findings from Hometrack, which revealed that house prices dropped by 0.1 per cent between August and September, with the number of people looking for properties falling by 2.6 per cent over the month as well.
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According to the Halifax House Price Index, the average price for homes dropped by 0.5 per cent from the previous month.
The results also showed a fall of 2.3 per cent from September 2010, which means those who purchased a house last month were able to get a lower mortgage than the year before.
Housing economist at Halifax Martin Ellis stated that prices may have fallen as a result of a lower demand for properties, due to poor earnings growth, higher inflation and tax increases.
While he noted that a rise in employment levels and low interest rates could help the property market, he said: "We expect little change over the remainder of the year."
These results compound findings from Hometrack, which revealed that house prices dropped by 0.1 per cent between August and September, with the number of people looking for properties falling by 2.6 per cent over the month as well.
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Published: 06/10/2011
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