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Biggest house price fall in 25 years 131

Posted on Friday, 10 October 2008 01:41PM by Editor
HBOS latest Halifax house price index reports that house prices fell more quickly in September than they have in the past 25 years. The index began in 1983 and September saw a 13.4% drop, and in the three months leading up to September prices fell by 12.4% compared to the same period last year.

Halifax chief economist Martin Ellis said "We'll continue to see downward pressure on prices for a while yet, but yesterday's rate cut is going to be a significant boost to borrowers. The pressure is going to remain through the rest of this year and a lot of next year."

Oliver Gilmartin, RICS senior economist went on to say "With growth expected to slow and unemployment on the rise, price declines will undoubtedly continue into next year. Measures aimed at kick starting the flagging mortgage market are welcomed and should hopefully encourage a decline in wholesale funding costs, the foundation on which many mortgage products are priced. A return to the lavish days of bank lending based on small deposits is not in the offing, with a sluggish economy likely to raise the incidence of default. Amid this backdrop, conservative loan to value ratios will remain a barrier to many first time buyers."
 
 
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