House prices drop 1.2 percent in August - Halifax

Published 07th Sep 2011

House prices fell 1.2 percent in August, mortgage lender Halifax said on Wednesday.

While prices were 2.6 percent lower in the three months to August compared to the year-ago period, Halifax noted an improvement in the trend.

"A recent decline in average mortgage rates has further boosted home affordability for those able to raise a deposit to make a new purchase," said Halifax housing economist Martin Ellis.

"Low interest rates are likely to continue to support the market whilst increased uncertainty about the economic outlook and pressures on householders' finances constrain demand," he said. "Overall, we expect broad stability in both prices and activity over the coming months."

Source: ' Reuters '

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