Latest statistics have revealed UK property prices dropped for the third consecutive month during September, hitting the lowest level since June 2009.
According to the latest Halifax House Price Index, the average house price fell by 0.4% between August and September to £159,486.
The current figure is the lowest recorded by Halifax since June 2009 when the average price hit £158,445.
High property prices combined with high mortgage rates and large deposits have resulted in millions of prospective buyers being priced out of the market.
A downturn in property prices combined with lower rates will offer some much needed hope to frustrated buyers, particularly those looking to get onto the property ladder.
Research by Moneyfacts.co.uk has found that over the past year the average five-year mortgage rate has tumbled, offering 5.53% today compared with 5.87% in October 2011.
In line with rates reducing, the number of 90% loan-to-value mortgages has grown from 256 to 297, offering a lifeline to those with limited deposits.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.