Halifax records house price drop
www.moneynews.co.uk > Housing market > Halifax records house price drop
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Halifax records house price drop
Fri 2nd May 2008
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The bank puts the standardised average house price in the UK at £189,027 - which is 0.9 per cent lower than at this time last year.
It predicted that over all, there will be a mid-single digit percentage decline in house prices this year, but expected there to be significant regional variations.
In Scotland, for example, Halifax expects to see "modest price rises", while it believes Wales and the West Midlands will see falls above the national average.
The bank also suggests that the dip in house prices should be looked at in the context of unprecedented price rises over the last decade.
Martin Ellis, Halifax's chief economist, said: "A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations."
Halifax's figures vary slightly from Nationwide's latest house price data, although they follow a similar trend - Nationwide found that prices fell by 1.1 per cent in April, bringing them to a level that is one per cent lower than at this time last year.
Related News : Housing market |
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Related News : Halifax |
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