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House prices fall for third consecutive month

Halifax index shows continued house price slide

House prices have fallen 1.2% in the last three months according to Britain’s largest mortgage provider Halifax. In September alone prices dropped 0.4% on average. As a result of recent decreases, the gains from May and June have been wiped off and prices are now slightly lower than they were in December 2011. The average house price now stands at £159,846. The number of transactions remains stagnant with between 75,000 and 77,000 per month.

Economist Martin Ellis commented: 
“The generally weak economic climate remains a significant constraint on housing demand. The relatively low level of mortgage payments in relation to income, however, continues to provide support for house prices. We expect house prices to be broadly unchanged over the rest of this year and into 2013.”

To read the full release click here.

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