House prices fell in July - Mortgages - News - Moneyfacts


House prices fell in July

House prices fell in July

Category: Mortgages

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

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 It is now over 6 months old so the content may be out of date.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.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.