Halifax housing market study 'shows slowdown in price growth'

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Halifax housing market study 'shows slowdown in price growth'

Prices of houses have been falling, according to the latest Halifax housing market study.

Housing economist Mark Ellis said that a "slowdown in house price growth" has continued since the start of 2010.

In June, prices fell by 0.6 per cent.They had dropped by 0.5 per cent in May.

Additionally, Halifax's housing market study has shown that the average property now costs £166,203.

This is 17 per cent less than the peak seen in August 2007 and 7.5 per cent up from the low seen in April 2009. Mr Ellis noted that more houses have come on to the market, helping prices to fall.

According to Halifax data, the cost of owning and running a house for owner-occupiers has gone down by six per cent in two years.

The main reason for this has been falling mortgage rates, which dropped by an average of 2.13 percentage points from April 2008 to the same month in 2010.

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