Price trend still up despite last month
HOUSE prices fell by 1.2 per cent in August, according to the Halifax Price Index.
They showed a rise of 1 per cent over the quarter and a fall of 2.6 over the past 12 months.
Martin Ellis, housing economist, says: “The underlying trend showed a modest improvement in house prices. The 1.2 per cent fall in August follows three months when prices have risen. As a result, the more reliable quarterly change, which smoothes out some of the monthly volatility, shows a rise. A recent decline in average mortgage rates has further boosted home affordability for those able to raise a deposit.
“Overall, we expect broad stability in both prices and activity over the coming months.”