House prices fell further in June, leaving them 8.6% (Daily Telegraph: 8.7%) below their level one year ago, according to data from the Halifax house price index.
Yesterday’s data, which show a drop of 2% for June, are in line with broader trends in housing reflected in other indices.
For the year, the Halifax index is down 6.1%, with the average house price now standing at £180,344. For the quarter, house prices fell 5.5%.
Unveiling its numbers, the Halifax – whose parent company HBOS is the single largest mortgage lender in Britain – sought to put the latest drop in context. Martin Ellis, chief economist, noted that last month’s fall was smaller than the 2.5% drop in May.
Financial Times, the Times, Daily Telegraph, the Independent