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House prices fell by 0.5 per cent in October

November 10, 2007 by admin  
Filed under News, News-Mortgages

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More evidence that the housing market is slowing down was published yesterday.

Halifax’s monthly housing market report, published on Thursday, found that average prices fell by 0.5 per cent in October.

Although this contradicts figures published by Nationwide late last month, it is the second consecutive month in which Halifax – the country’s biggest mortgage lender – has recorded a drop.

Halifax reported that house prices fell by 0.6 per cent in September.

Nevertheless, the lender was confident about the long-term strength of the housing market and the economy.

Chief economist Martin Ellis said: “The UK economy is in a strong position. High levels of employment and a shortage in the number of properties available for sale will continue to support house prices.”

A recent study of the market by PriceWaterhouseCoopers claimed that houses in the UK are 10 per cent overpriced compared to average salaries.

Halifax’s study comes as the Bank of England held at 5.75 per cent for the fourth month in a row.

Tags: halifax, second consecutive month, england, Economic history, interest rates, uk, position, martin ellis

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