The latest part of the rollercoaster that is house prices comes from Halifax. Their findings show a sharp fall in house prices in June, which has partly reversed the gradual rise in house prices we’ve seen in the last couple of months, reports BBC News Online. The news contrasts with findings showing a large 2.6% increase in prices back in May.
The findings come from Halifax’s property survey. With some good news highlighting the slowing annual decrease in prices from 16.3% to 15% last month, it went on to say 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 but still 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 four months and are still 2% lower than February. Nationwide’s findings showed 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 interest rates. HM Revenue and Customs has shown that completed sales in May were at their highest since October 2008.
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