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House price falls 'may be stabilising'
10.10.2008
House prices fell by the smallest percentage for seven months in September, the latest Halifax House Price index has shown.
Average residential property prices fell by 1.3 per cent to £172,108 last month, the firm reported.
Despite recording a 5.2 per cent decrease during the third quarter, the bank noted that prices fell by just 5.1 per cent in the previous quarter.
This, it claimed, suggested that the market may be beginning to stabilise, which may be welcome news for mortgage borrowers.
However, Martin Ellis, chief economist at Halifax, said; "The ongoing pressures on householders' income, combined with the reduction in the availability of mortgage finance, however, mean that market conditions will remain challenging."
Although house prices have fallen in recent months, Fionnuala Earley, chief economist at Nationwide, recently said they remain 60 per cent higher in real terms than at the start of the decade.
Price falls "contribute to restoring housing affordability", which is positive news for the long-term market, she added.
Average residential property prices fell by 1.3 per cent to £172,108 last month, the firm reported.
Despite recording a 5.2 per cent decrease during the third quarter, the bank noted that prices fell by just 5.1 per cent in the previous quarter.
This, it claimed, suggested that the market may be beginning to stabilise, which may be welcome news for mortgage borrowers.
However, Martin Ellis, chief economist at Halifax, said; "The ongoing pressures on householders' income, combined with the reduction in the availability of mortgage finance, however, mean that market conditions will remain challenging."
Although house prices have fallen in recent months, Fionnuala Earley, chief economist at Nationwide, recently said they remain 60 per cent higher in real terms than at the start of the decade.
Price falls "contribute to restoring housing affordability", which is positive news for the long-term market, she added.