UK: House prices slumped slumped 3.6% in September – the biggest monthly drop since figures were first compiled in 1983, according to figures just released from the Halifax.
UK: House prices slumped slumped 3.6% in September – the biggest monthly drop since figures were first compiled in 1983, according to figures just released from the Halifax.
More properties on the market and a fall in demand fuelled by uncertainty over the economy, forced prices down, the bank said.
Martin Ellis, a housing economist with Halifax, said it was too early to conclude that September's fall represented the beginning of a sustained period of declining house prices.
"Looking at quarterly figures – a better measure of the underlying trend – house prices in the third quarter of 2010 were 0.9% lower than in the second quarter of 2010. Halifax said house prices remain higher than a year ago – with September prices up 2.6% on last year."
