House prices fall, Halifax shows

by Christopher Evans

House prices had fallen by 0.4 per cent in May on the month before, according to the latest house price index from Halifax.

This follows a 0.1 per cent decline in April.

Last month the average house price stood at £167,570.

However, DIY house sellers may not be discouraged by the falling rates as the index showed that house prices were 6.9 per cent higher than in May 2009.

Housing economist Martin Ellis commented: "The relative recovery in house prices in 2009 was driven by a boost to demand from reduced interest rates combined with a lack of properties for sale. These factors have lost some momentum in recent months.

"Further falls in the number of people in employment are curbing housing demand whilst the pickup in market conditions last year has encouraged more homeowners to attempt to sell their property."

He added that the property market will remain flat during the year.
Last week Nationwide reported that house prices have risen by 0.5 per cent in May, suggesting that homeowners should investigate further before choosing when to sell up.

  • Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house selling.

Published on: June 7, 2010

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