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Halifax: Steep fall in house prices

Thursday, 6 July 2006 12:00 AM

House prices fell steeply in June after stalling in May, according to figures from Halifax.

The mortgage lender recorded a 1.2 per cent fall in prices last month following only a 0.1 per cent rise in May.

Despite this Halifax says the market is underpinned by "sound fundamentals" that will ensure it remains in good health in the second half of 2006.

Over the first half of the year house prices have risen by 4.5 per cent, growing by 2.6 per cent in the last three months.

At £176,509 the average house price is now 9.4 per cent higher than in June 2005.

Halifax chief economist Martin Ellis said: "Sound fundamentals, underpinned by a strengthening economy, high levels of employment and low interest rates, will continue to support housing demand over the second half of 2006, ensuring that the market remains in good health.

"The annual rate of house price inflation, however, is expected to ease, partly because the corresponding figures last year were strong. Pressure on householders' finances from utility bill and council tax rises, combined with speculation of higher interest rates, are also likely to constrain demand."

Wales was the only region to experience a fall - prices were down by 0.8 per cent - during the second quarter of the year.

Scotland enjoyed the biggest rise of 5.7 per cent, followed by the south-west - 3.8 per cent - and East Anglia where prices rose by 3.5 per cent.

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