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House prices fall by 2.4% in a month
05/06/2008
UK house prices fell by 2.4 per cent in May and now stand 3.8 per cent lower than they were this time last year, according to the Halifax House Price Index.
The index, which has been measuring house prices since 1984, showed that despite the fall in prices, overall, householders have seen the value of their buildings increase by 79 per cent - an average of £88,000 - over the past five years.
Halifax's chief economist Martin Ellis commented that there has been "a squeeze on spending power and [a] reduction in credit availability".
Mr Ellis added that high employment levels, low interest rates and too few new homes are supporting the valuations.
The peak average UK house prices was £197,243 and the current average value is £184,111, Halifax reported.
In 2006, house prices in Northern Ireland increased by an average of 36 per cent and was described by the Royal Institute of Chartered Surveyors' Northern Ireland spokesman Tom McClelland as "the real powerhouse of Europe".
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The index, which has been measuring house prices since 1984, showed that despite the fall in prices, overall, householders have seen the value of their buildings increase by 79 per cent - an average of £88,000 - over the past five years.
Halifax's chief economist Martin Ellis commented that there has been "a squeeze on spending power and [a] reduction in credit availability".
Mr Ellis added that high employment levels, low interest rates and too few new homes are supporting the valuations.
The peak average UK house prices was £197,243 and the current average value is £184,111, Halifax reported.
In 2006, house prices in Northern Ireland increased by an average of 36 per cent and was described by the Royal Institute of Chartered Surveyors' Northern Ireland spokesman Tom McClelland as "the real powerhouse of Europe".
Get a quote for residential property legal services
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