Halifax reports 3.6% fall in house prices in September

| October 7, 2010
Halifax reports 3.6% fall in house prices in September

The Halifax has today revealed UK house prices fell by a record 3.6% in September compared with August.

The latest house price fall takes the average cost of a UK home to £162,096, the Halifax said.

According to the lender, the monthly decline was the biggest since records began in 1983. However, it is still too soon to suggest that this is the start of a slump in house prices.

Meanwhile, the three-month-on-three-month rate of change, which is a more reliable indicator or near-term price trend, revealed a 0.9% fall in September, said the Halifax.

The figures differ from those from the Nationwide Building Society, who last week revealed a 0.1% rise for the month of September compared with August.

The fall in house prices has been attributed to a high level of instructions on the market but a lack of buyer demand, according to many reports.

The uncertainty surrounding the economy is also having a negative impact on the housing market and therefore the market is likely to remain subdued in the short-term.

In related news, yesterday the International Monetary Fund suggested the UK property market could experience a double dip.

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