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September 6, 2012

House prices slip again in August

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by Gill Montia

House prices slip again in August

UK house prices fell 0.4% in August, according to Halifax, with the value of the typical home slipping to £160,256 following a second successive monthly fall.

On a three-month-on-three-month basis, prices were 0.3% lower and showing a slightly worse decline than in July (-0.1%).

However, year-on-year, property values were down only 0.9% compared with -2.6% in August 2011.

The lender says it recorded little change in prices over the first eight months of 2012 – the average UK house price in August was just 0.2% higher than in December 2011 – and nationally, prices are at a similar level to three years’ ago.

Halifax suggests that resilient employment has helped support housing demand and is hopeful that further falls in inflation over the coming year will raise spending power, giving a boost to both demand and house prices.

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