House prices tumble for a fourth consecutive month
◆ House prices have fallen for four months for the first time since the market was recovering from the global financial crisis in 2010, writes Melissa Lawford.
Property values in June were 0.1pc lower than in May, according to lender Halifax’s latest index.
Since March, as Covid-19 began to take hold, values have fallen by 1.2pc.
Overall, the average British home has lost £2,222 in value since the pandemic began, bringing the average price down to £237,616,
Halifax found. House prices in June were still 2.5pc higher than in the same month last year, due to a rally following the Conservative election victory at the end of 2019.
England’s housing market reopened in mid-May. The Welsh, Northern Irish and Scottish markets only reopened later in June.
Housing market activity has largely recovered since the markets reopened, but analysts are not optimistic that the transaction levels can be sustained.