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News: House Prices Up 0.6% MoM and 4.9% YoY, Says Halifax

Thu, 05 Aug 10

House prices rose by 0.6% in July, according to latest figures from the Halifax.

The modest increase follows a slight fall recorded by the lender in June. The annual rate of house price inflation is now 4.9%, down from 6.3% the previous month.

Prices have barely changed since the start of the year when the average price peaked at £169,000. The average property cost £167,425 in July, which is the same level as figures released last November.

Martin Ellis, the Halifax’s chief economist, said: “The increase in the number of properties for sale over the past few months, boosted by the recent abolition of home information packs, has relieved much of the pressure that was driving up prices in 2009."

The Halifax’s figures are the latest to indicate that prices are stabilising. The Nationwide building society says house prices dipped by 0.5% during July, when the price of an average home was £169,347. This is the same as July 2008’s level.

Sellers are having to reduce prices to make a sale, according to Home.co.uk’s latest Asking Price Index. This found that around 74, 000 homes for sale had their asking price cut in the month of June. This is the largest number of asking price reductions in a single month since January 2009.

 

By Joe Lepper 

See also: Asking Price Index, House Prices and Trends by Town and Postcode, Mortgages, Rental Search, Renting Guide

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