Halifax report shows falling house prices are easing
There are signs that the rate at which house prices are falling is easing according to the UK's biggest mortgage lender.
House prices dropped by only 1.9 per cent during the three months to the end of June, the smallest quarterly fall since the beginning of 2008, and well down on declines of between five and six per cent during the three final quarters of 2008.
The annual rate at which prices are falling also eased to 15 per cent, compared with 16.3 per cent in May – based on average prices during the previous three months compared with the same period a year earlier.
Martin Ellis, Halifax housing economist, said: "The mixed picture of monthly rises and falls so far this year contrasts sharply with the consistent succession of significant monthly declines recorded in 2008.
”This indicates that the underlying rate of decline in house prices has eased".
When added to the 2.6% rise in house prices during May it is clear that we can look forward to further increases as the market returns to stability.
