Unprecedented house price fall in September

House prices dropped 3.6 per cent last month as reported by the Halifax, which is the unprecedented decline since the bank started to keep records in 1983.

The decline came after the 4.6 per cent rise recorded in August. In September the average value of UK home amounted to £162,096.

Halifax said there was insufficient evidence to state this was the beginning of a sustained fall in prices. After all, September prices were still 2.6 per cent higher than a year ago.

Martin Ellis, of Halifax, said that there was no certainty about the future of the UK housing market. However, homeowners can gain some reassurance from the fact that interest rates are still likely to remain low for a while.
 


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