The latest part of the roller coaster that is house prices comes from Halifax. Their findings show a sharp fall in house prices in June, which has partly reversed the gradual increase of house prices we had seen in the last couple of months, reports BBC News Online. The news contrasts greatly to findings showing a large 2.6% increase in prices back in May.
The findings come from Halifax’s property survey, some good news highlighted the slowing annual decrease in prices from 16.3% to 15% last month, they went on to proclaim that there was evidence the property market is stabilising after sharp slumps since mid 2007.
Martin Ellis Halifax’s chief lender states that prices have ‘fallen by only 1.9% in the past three months’ the lowest quarterly decline, however, a long way from those green shoots predicted here in an earlier blog.
So why have these figures told a different story to that of Nationwide’s figures which sparked the earlier blog about a spring bounce or green shoots? Halifax, whose figures are based on a sample of its own lending said prices had only risen once in the last 4 months and are still 2% lower than February. Nationwide however, had its findings showing that prices had risen in three of the last four months.
Overall there is hope as undoubtedly house prices are picking up due to low levels of interest rates. HM Revenue and Customs has shown that completed sales in May were at their highest since October 2008.
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Tags: house prices, housing, recession
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