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.’
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A 500-acre estate that spent 11 centuries in the same family, for sale for only the second time in its historyIn the beautiful hills of north Wales the Garthewin estate has come up for sale, including a great country house once restored by the architect who created Portmeirion. Penny Churchill takes a closer look.
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‘They remain, really, the property of all of those who love them, know them, and tell them. They are our stories, the inheritance of the people of Scotland’: The Anthology of Scottish Folk Tales
