House prices tum­ble for a fourth con­sec­u­tive month

The Daily Telegraph - Business - - Business -

◆ 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.

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