Halifax: House prices down in June

Posted: 09 Jul 2009 11:30:18 GMT

Property prices went down in June, according to the latest Halifax House Price Index.

Despite Nationwide Building Society last week reporting that the average cost of housing increased by 0.9 per cent during the same period, Halifax indicated that there was a 0.5 per cent reduction in value.

It was also suggested in the latest findings that there was a 1.9 per cent fall in property prices between the first and second quarters of 2009.

Halifax remained positive and drew attention to the fact that there has been a reported improvement in sales activity and that the quarterly slump was the smallest since the first quarter of last year.

In a statement, the financial services provider said that housing demand has been stimulated by improvements in affordability and low interest rates.

"This, together with a low level of properties available for sale, has helped to stabilise activity and reduce the underlying rate of house price decline in recent months," it added.



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