House Prices Fall by 3.6%, says Halifax

The house prices in UK fell by 3.6% in September from its August figures, according to the regular house prices survey done by Halifax. This was the largest monthly fall since 1983 and the average house price stood at £162,000.

When measured by quarter by quarter, the trend showed a 0.9% decrease in September.

It is viewed that an increased supply of property for sale and a diminishing demand from the people have caused the house prices to show decreasing trend. The government’s recent abolition of Home Information Packs (HIPS) has caused an increase in supply of properties to the market. The fall in demand for houses was significantly caused due to the fear of job security and the uncertainty over the government cuts.

With the present scenario, it is unlikely that situation will change over the next twelve months. The figures released last week by the Bank of England showed that people were paying down their debt on their current properties rather than moving up. They are using their extra money to pay off their lending instead of taking more.

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