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| Halifax Housing Survey - October 2004
The Halifax, the UK's largest mortgage lender, has announced that the average UK house price fell by 1.1% in October. The figures seem to confirm a downward trend that has been noted in various surveys over the past few months.
The figures mean that, by the Halifax's calculations, average house prices have increased by 18.5% over the last year, bringing the average value of a home (nationwide) to £160,857.
Prices have now fallen by 0.4% between July and October, representing the worst performance by the market since the end of 2000. Analysts suggest that the recent falls are largely linked to the Bank of England's policy of increasing interest rates, which currently stand at 4.75% (as of 16 November 2004).
 Martin Ellis, chief economist at the lender, confirmed their belief that the market appears to be moving into a slowdown, following strong growth in 2003. The Nationwide Building Society recently reported that their figures showed that prices fell by 0.4% in October. That fall represents the largest decline since February 2001. Some estate agents have, however, suggested that there may yet be reasons to be optimistic. They've stated that this time of year is often poor for sales and they would expect a recovery in the New Year. Many homeowners and other interested parties will undoubtedly continue to follow the news closely. You can read more in our Housing Market Latest section.
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