UK House Prices Fall by 1.2% - Halifax

The latest report on UK house prices, published by Halifax on September, 7th, suggests that property values in Great Britain fell by 1.2% in August 2011.

Now, an average house in UK is priced at £161,743, which is 2.6% less than in August 2010.

In the opinion of Martin Ellis, housing economist at Halifax, a decline in house prices and mortgage interest rates might result in an uptake of mortgages.

On the other hand, pressure on household finances and uncertainty over the economic situation in Europe, and UK in particular, might lead to constrained demand from buyers.

In spite of everything, however, experts at Halifax expect the British property market to remain stable, in terms of both, activity and prices, over the coming months.

Detailed house prices index by Halifax is available on the official website of Lloyds Banking Group.