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House prices fell in July

House prices fell in July

Category: Mortgages

Updated: 06/08/2012
First Published: 06/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

UK house prices fell by 0.6% during July, despite consecutive increases during June and May.

The fall reflects a volatile and fluctuating housing market, with the average home costing £161,094, compared to last month's £162,417.

The latest Halifax House Price Index revealed that whilst the average price fell, house sales rose during the first half of this year by 10% compared to the same period in 2011.

A total of 466,000 sales completed successfully, largely as a result of the rush from first-time buyers to take advantage of the stamp duty holiday before it ended in late March.

A fall in average house prices will be welcomed by house-hunters looking for a bargain, in what is widely seen as a buyer's market.

However, the news will be further misery for many sellers who are desperately trying to fetch a good price on their home, either to fund their next purchase or, more worryingly, avoid falling into negative equity.

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