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House prices may level out in September

House prices may level out in September

Category: Mortgages

Updated: 26/03/2009
First Published: 26/03/2009

MONEYFACTS ARCHIVE
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The fall in UK house prices could stop as soon as September this year, according to a group of property investment advisers.

The prediction has been made by the Assetz House Price Watch which combines data of the five foremost major UK price indices, Financial Times House Price Index, Communities and Local Government, Nationwide, Halifax and Rightmove.

It said that the average rate of monthly decline dropped to below one per cent in the first two months of 2009, and that a further indicator of the softening of price falls is apparent from annualised data, which shows an upturn in growth since December 2008.

"The fall of just 6.8% for the start of 2009 indicates that the reported increases in prospective buyers, the historically low interest rates and the very beginning of increased lending are all beginning to have an effect," said chief executive, Stuart Low.

"Our best estimate of when prices will stop falling is currently September 2009."

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