Home Property House prices tumble in September

House prices tumble in September

by Asa
4th Oct 12 10:01 am

House prices continued to fall for the third month in a row, according to mortgage lenders Halifax.

Average prices fell by 0.4% last month, with the average UK house now costing £159,486.

This means the levels are now 1.2% lower than the same point last year.

The main factor behind the housing price fall was the recession, according to Halifax.

“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,” said Halifax economist Martin Ellis.

“We expect house prices to be broadly unchanged over the rest of this year and into 2013.”

Leave a Comment

You may also like