4 Mar

Cost of houses for sale in UK falls

 Cost of houses for sale in UK falls

First-time buyers hoping to secure houses for sale in 2011 could benefit from falling house prices.

The latest Halifax UK house price index has revealed that prices continue to fall.

Compared to January, the average house price is now 0.9 per cent lower, at £162,657.

House prices are now 0.4 per cent lower than in the previous quarter and the Halifax index reports an annual drop of 2.8 per cent.

Martin Ellis, a housing economist at the bank, says there has been little change to house prices over the first two months of the year.

He said: "Overall, we expect a modest 2 per cent decrease in house prices in 2011."

There have been fewer houses for sale in the UK in recent months, helping to balance out supply and demand.

Lending to first-time buyers has been predicted to improve in the coming year.

New deals aimed at people trying to get onto the property ladder are beginning to enter the market, according to FirstRungNow.com.ADNFCR-1222-ID-800444467-ADNFCR

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