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House Prices fall for second straight month
Wed, 08 Feb, 2012
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House Prices fall for second straight month
Thu, 2 Sep 2010, 08:47:00
House prices fell for the second month in a row in August, new data shows, suggesting that recent declines in the market may amount to more than a seasonal dip. The average house price during the month fell to £166,507 from £169,347 in July, or by 0.9%, according to the building society Nationwide. This comes after a 0.5% month-on-month fall in July. It is the first time house prices have fallen in two consecutive months since February 2009, in the depths of the economic downturn. The news will add to fears that the housing market is entering a period of prolonged weakness in line with tough economic conditions generally. 'The 3 month on 3 month rate of change - generally a smoother indicator of the recent price trend - fell from 1.2% in July to 0.0% in August, suggesting that house prices have essentially stagnated over the summer,' said Nationwide chief economist Martin Gahbauer. 'Unless house prices bounce back strongly in September, the three month rate of change will turn negative next month.' However, he cautioned against reading too much into the latest figures. 'The current period of price declines is likely to remain relatively modest,' he said. 'Given that the price increases of the last year had gotten ahead of the recovery in the wider economy, the current correction is not an unhealthy development.'
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