House prices fall in September
Fri 5th Oct, 12:32:50 BST
House prices fell by 0.6 per cent in September, according to the latest figures compiled by the Halifax.
The firm said that although that the period between July and September had seen overall price growth of 0.9 per cent, the figures for last month indicated a slowdown in the market.
Even in areas which are traditionally expensive, such as London and the south-east, prices increased at a much slower rate than earlier this year.
Martin Ellis, chief economist at the Halifax, said: "September''s price fall is consistent with the normal behaviour of the market during a slowdown. A mixed pattern of monthly price rises and falls is a typical feature of a more subdued housing market."
"The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale will continue to support house prices," he concluded.
Yesterday, Reuters announced that the majority of economists and property market experts it had surveyed believed that house price inflation had or nearly had reached its peak.
The firm said that although that the period between July and September had seen overall price growth of 0.9 per cent, the figures for last month indicated a slowdown in the market.
Even in areas which are traditionally expensive, such as London and the south-east, prices increased at a much slower rate than earlier this year.
Martin Ellis, chief economist at the Halifax, said: "September''s price fall is consistent with the normal behaviour of the market during a slowdown. A mixed pattern of monthly price rises and falls is a typical feature of a more subdued housing market."
"The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale will continue to support house prices," he concluded.
Yesterday, Reuters announced that the majority of economists and property market experts it had surveyed believed that house price inflation had or nearly had reached its peak.
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