House prices down 2% in June
House prices fell two per cent in June according to figures released by the Halifax today. The bank said that on an annual basis house prices had fallen 6.1 per cent.
House prices fall again in FebruaryAccording to the bank the average price of a house in the UK is now £180,344, the same as in August 2006.
Martin Ellis, chief economist at Halifax, said, "House prices have declined by 6.1% over the past year. Nonetheless, the average UK price remains slightly higher than two years' ago and is appreciably stronger than three or four years ago.
He continued, "The average UK price has risen by 150% during the past decade from £72,096 to £180,344; an increase of £108,248. Prices have risen by 196% (£119,379) since the trough of the 1990s housing market downturn in July 1995.
"A strong labour market, low interest rates and a shortage of new houses underpin housing valuations. Our research shows that the labour market is the key driver of the housing market. Employment is at a record high."
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