You are here: Home - Mortgages - Buy To Let - News -

UK house prices decline 0.5% in Q3 – Halifax

Written by:
UK house prices fell by 0.5% in the three months to September, reported Halifax.

Its latest house price index showed that house prices fell by 0.4% in September, the third consecutive monthly fall. The average UK house price in September was 0.3% lower than in December 2011, at £159,486.

Halifax said home sales have been stable in recent months, at between 75,000 and 77,000 per month, between May and August. Overall, sales in the three months to August were 3% higher than in the same period last year.

Martin Ellis, housing economist at Halifax said: “The generally weak economic climate remains a significant constraint on housing demand. The relatively low level of mortgage payments in relation to income, however, continues to provide support for house prices.”

Halifax said it expects house prices to be broadly unchanged over the rest of this year and into 2013.

Mark Harris, chief executive of mortgage broker SPF Private Clients, added: “On the mortgage front, there is good news with several lenders repricing downwards in an attempt to grab market share before the end of the year. Santander SVR customers may be facing higher mortgage payments from this month, for example, but there are plenty of remortgage options, so even those who require 80 or even 85% Loan to Value may find a better option by remortgaging.

“The jury is still out on Funding for Lending and it would be good to see some data as to exactly who is borrowing what under the scheme, as transparency is something the market lacks.

“However, one lender recently voiced its concern to me about the perceived stigma attached to taking advantage of the funds available, fearing it gives the wrong message to customers that it is in some sort of crisis. This is a challenge for the Bank to resolve if the scheme is to have real success.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Workers will have to wait til 2021 for the same pay as 2009

Workers are looking at waiting another 9 years to get back to the level of income they enjoyed in 2009,...