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House prices drop dramatically

Friday, 8 October 2010 11:30 AM

House prices crashed by £6,000 in September, new figures show, which is the biggest monthly decline since records began in 1983.

Property prices fell by 3.6 per cent, bringing the average value of a British home down from £168,124 in August to £162,092 last month, according to Halifax's House Price Index.

The figures have sparked worries of a double dip in the housing market.

Paul Diggle, property economist at Capital Economics, warned that the price drop could be a sign of worse to come.

Speaking to the Daily Telegraph, he said that these figures add "weight to the view that house price weakness is far from over".

"Weak housing market activity indicators mean that further falls in house prices are likely," he explained.

This development will also bring increasing numbers of homeowners closer to falling into negative equity - when the value of a mortgage exceeds the value of a home. This can make it difficult for borrowers to move out of a property.

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As the UK starts the Diamond Jubilee celebrations, the Halifax looks back over the last 25 years.

The average home now costs £160,118, compared to £160,393 in April last year.

Halifax: House prices down 0.5 per cent

House prices fell by 0.5 per cent in February, according to the latest Halifax house price index.

 Average mortgage payments are now at their lowest proportion of disposable earnings for a new borrower for 14 years.

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Brits think house prices will rise over next year

More Britons expect house prices to rise rather than fall over the next 12 months, the results of a survey released today claim.

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Average house price drops 4.2% year on year

HAlifax says house prices have dropped consistently over the past 12 months but should start picking up again this year.
The average price of a UK home is now £160,063. Image:Thinkstock

Halifax: House prices down by 1.3 per cent in 2011

Bank reveals 0.9 per cent in December but says prices held up well in difficult economic climate.

 Woking saw the biggest increase in house prices in 2011.

Halifax names top ten towns for house price rises

Southern England and commuter towns dominate list of best performers in 2011.
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Halifax sees little change for house prices

Bank says housing market is remarkably stable despite economic climate and pressure on household finances.

 In a volatile year the Halifax house price index has recorded five rises, four falls and one month where prices stayed the same.

Fall in house prices slows after rise in October

Average price of a home up 1.2 per cent last month and annual rate of decline slows to -1.8 per cent, says Halifax.

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