Halifax: House prices fall 2% in June
House prices fell two per cent in June, the sharpest rate of decline in 20 years, according to latest findings.
The downturn in the property market has meant that many people are unable to take out mortgages, with many looking towards property to rent in London.
Figures from the HBOS survey revealed that property values were 8.7 per cent lower on the year, which is knocking off £20,000 from the value of the average UK property.
This is line with figures from Nationwide, which revealed that house prices fell for the eighth consecutive month in June.
"It is fair to say we are now in the worst housing slide for over 50 years," said Michael Saunders, economist at Citigroup.
Statistics show that house prices have more than trebled over the last ten years, with lenders becoming wary about taking out home loans.
Mortgage approvals have halved over the last year, meaning that more people are looking for property to rent in London.
Economists are now predicting that house prices will drop by as much as 12 per cent by the end of the year.
This follows news from HBOS that the proportion of mortgages entering arrears has increased by 0.13 per cent over the past five years.
Published 11th July, 2008
© 2008 Estates IT Limited
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House prices fell two per cent in June, the sharpest rate of decline in 20 years, according to latest findings.