Halifax: House prices fall massively

UK house prices fell by 1.8 percent in August its reported by the Halifax, that’s taking an annual decline to 10.9 percent, this is based on a three month average.

The actual difference in prices between August 2007 and 2008 was minus 12.7 percent. Halifax have reported that the average purchase price of a property in the UK is now is down to £174,178, which is the biggest fall since Halifax started recording the data back in 1983.

February 2006 was the date we saw prices matching this, but experts say that it is likely to fall further, Halifax believe that the market will continue to be challenging over the next few months.

read full report at financemarkets

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