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Market cools as property prices tumble

AVERAGE property prices have fallen 1.2 per cent in the last three months, according to the latest Halifax house price index.

The closely watched index from the Lloyds Banking Group-owned lender showed house prices rose 1.8 per cent in October which helped to partially reverse the 3.7 per cent decline from the previous month.

But the quarterly decline in house prices is still the sharpest fall since the middle of last year.The drop is not as steep a decline as some previous falls seen over the last two years, however, which were sometimes as much as five per cent during the height of the economic downturn wiping around 25 per cent off property prices in just one year before recovering.

House prices were also only 1.2 per cent higher than a year ago, down from an annualised rise of seven per cent back in May. Read More

 

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