Price falls slow
Falls in house prices are slowing, says the latest report from the Halifax.


Halifax has found house prices were still falling in July, although at a slower rate – just 1.7% compared with falls of 2.5% in May and 1.9% in June. The UK average house price is still one third higher than five years ago, says the report.
The data also points out that a solid labour market, low interest rates, and a shortage of new houses continue to support the market: ‘The labour market is the key driver of the housing market and the number of people n employment is at a record high,’ Halifax says.
Although it admits house prices are back to the level of June 2006, the lender is determined to be upbeat. Others, however, are not so confident. Seema Shah from Capital Economics said: ‘Another dire set of numbers from the housing market means that, to date, the correction has wiped out the last two years’ gains in average house prices.
‘Unfortunately, with the housing market still plagued by tight lending criteria, falling buyer confidence and now a rapidly weakening economy, the end for this housing market correction remains a long way off.’
Exquisite houses, the beauty of Nature, and how to get the most from your life, straight to your inbox.
-
The life that thrives among the dead: How wildlife finds a home in the graveyards and churchyards of Britain
Home to a veritable ‘Noah’s Ark of species’, thanks to never being ploughed, sprayed or fertilised, our churchyards offer a sacred haven for flora and fauna, says Laura Parker.
-
‘What a shame when a dinosaur disappears into the mansion of an oligarch rather than being displayed for all to enjoy’: The ethics of the dinosaur auction
Fancy a stegosaurus in your living room? You can buy one at auction. But the latest luxury good is a paleontologist's worst nightmare.