UK Money News
5th June 2008
House prices down 2.4% in May
UK house prices fell again during May, new figures from Halifax have revealed.
According to the lender's latest house price survey the value of the average UK home fell by 2.4 per cent last month.
The decline brought the cost of an average home down to £184,100 - representing a fall of 3.8 per cent from the same month's average last year.
This is the biggest annual fall noted by Halifax since April 1993.
The Halifax index shows house prices have slumped 7.8 per cent from their peak in August 2007.
Howard Archer, an economist with research group Global Insight, said: "The latest data on the housing market are undeniably alarming.
Clearly, the downward pressure on house prices coming from stretched buyer affordability and tight lending conditions is now biting hard."
The study from Halifax comes after Nationwide's survey found that house prices fell by 2.5 per cent in May.
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