UK house prices fall in August, says Halifax

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UK house prices fall in August, says Halifax

The average price for a UK property now stands at £161,743, according to one of the country's leading lenders.

Halifax's house price index revealed that the value of residential property continued to fall throughout August by 1.2 per cent, despite the fact that prices in the three months to August were 1.0 per cent higher than in the previous three months.

This represents an annual change of minus 2.6 per cent on last year's figures, which, helped by recent declines in average mortgage rates, could increase the overall uptake of mortgages, according to housing economist Martin Ellis.

"Overall, we expect broad stability in both prices and activity over the coming months," commented Mr Ellis, adding that increased affordability of the UK's housing stock was countered by "increased uncertainty" over the economic outlook and rising pressure on household finances, which can "constrain demand".

Haart, a leading independent estate agent and financial services provider, claimed last week it had recorded an increased uptake among customers of fixed-rate mortgage products.

Managing director of financial services at the firm David Miles said the company believed this was fuelled by a desire for more financial certainty.

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