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 ยฃ159,486.

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.

โ€œThe 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,โ€ said Halifax economist Martin Ellis.

โ€œWe expect house prices to be broadly unchanged over the rest of this year and into 2013.โ€

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