The Halifax House Price Index (HPI) for August shows a monthly fall of -1.2% and annual change of -2.6%. However the Quarterly change, which can sometimes be seen as more stable, reports a 1.0% increase.
This sets the average house price for the UK at £161,743 and is higher than the previous quarter.
Although the monthly change was negative it was the first such fall since April and follows 3 successive monthly rises.
Modest pick-up
“The underlying trend, as measured by the latest three months compared with the preceding three months, showed a modest improvement in house prices for the second consecutive month in August.” reports Maryin Ellis, housing economist.
The industry wide mortgage approval numbers from the Bank Of England also increased in July to 49,2000.
The lower mortgage rates continue to boost affordability, yet mainly only for those that can raise a sufficient deposit to buy a home.
“A recent decline in average mortgage rates has further boosted home affordability for those able to raise a deposit to make a new purchase. 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. Overall, we expect broad stability in both prices and activity over the coming months.”
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