Halifax reports house price fall

The Halifax has reported that house prices have fallen in the latest set of figures following a three-month rise, though the quarterly figure does show a jump of 1%.

The Halifax figures, which put the average price of a property at £161,743, are broadly in line with those of Nationwide and economists stress that the decline does not detract from a relatively stable picture. It expects house prices to continue falling over the next few months amid continuing fears of a double-dip recession and despite the fact that interest rates remain at an all time low less people are buying a house.

The recent high in house prices came in April last year with a figure of £168, 593 but they fell back to just £160,393 this April. Howard Archer, chief UK and European economist at IHS Global Insight, said there was little surprise in the Halifax figures. He added: “We suspect that squeezed purchasing power, tightening fiscal policy, a softening labour market and persistent serious concerns over the economic outlook will limit potential buyers and weigh down on house prices.”

https://www.independent.co.uk/news/uk/home-news/house-prices-drop-1-2-says-the-halifax-2350555.html