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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David Beckham and Tom Parker Bowles whip up one of the guest editor's favourite childhood mealsFrom Sunday roasts to Spanish delicacies, good food is one of the pillars of Sir David Beckham’s life, as Tom Parker Bowles discovers when the pair cook up a comfort-food storm at Claridge’s.
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'One of the truly great gardens of the world' is at risk of having its vistas and tranquility blighted foreverThe views from Rousham, the birthplace of the English landscape-garden movement are at risk of development plans for the nearby former RAF Upper Heyford Air Force base get the go-ahead.
