Construction News

07/08/2008

House Prices Continue To Fall

House prices dropped by 1.7% in July according to the Halifax House Price Index released today.

Britain's biggest mortgage lender said house prices have lost 8.8% of their value in the past year.

Halifax said the average price of house in the UK was £177,351, down 11% from the peak of £199,600 in August last year.

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The fall in mortgage approvals and house prices suggests that activity in the housing market is set to fall even further.

Whilst both the number of new buyers interested in home purchase and agreed sales continued to fall, the pace of decline slowed for the second consecutive month in June.

However, Halifax has highlighted that the average house price in July was £44,980 higher than in July 2003.

(CD/JM)

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