UK Money News
10th July 2008
House prices at 2006 levels
UK house prices are now over six cent less than they were 12 months ago, it has been revealed.
According to Halifax, prices of UK homes fell by two per cent during June, to bring the average value of a property to £180,344.
This is 6.1 per cent less than the mean value of a home 12 months ago.
The annual slump is the highest recorded by Halifax' monthly price index since March 1993.
Commenting on the figures, Martin Ellis, chief economist at the lender, appealed for calm and gave an optimistic view of the market's prospects for the rest of the year.
He said: "A strong labour market, low interest rates and a shortage of new houses underpin housing valuations.
"Our research shows that the labour market is the key driver of the housing market. Employment is at a record high."
At the peak of the market last August the average home was valued at £199,600.
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