16 Sep

House price fall slows down

House price fall slows down

The rate at which house prices have fallen has slowed in the last quarter, new figures have indicated.

Data from the Department for Communities and Local Government showed that the average mixed-adjusted house price in Britain was £217,171 in July.

During the quarter ending in July 2008 the overall drop in house prices was 0.5 per cent, compared with the 1.3 per cent fall in the quarter ending in April.

This included a one per cent month-on-month rise in prices between June and July.

Such findings may suggest that the decline in house prices could be running out of steam, although there are regional and demographic variations.

Among these are the finding that, unlike the rest of Britain, Scotland has still seen house prices rise over the past year (up 3.6 per cent).

First-time buyers have been able to enjoy lower prices (1.6 per cent down), but movers saw prices up 0.1 per cent.

Last week the Financial Times House Price Index stated that the last year has seen a 2.2 per cent drop in house prices.
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