Official figures confirm fall in house prices in September

THE fall in house prices in September was confirmed by the Department for ommunities and Local Government (DCLG) yesterday.

It published figures which showed house prices fell 0.8 per cent in September. Prices also fell 0.7 per cent in the third quarter compared to a 1.6 per cent rise during the preceding three months. The September fall in house prices pushed the cost of the average UK home down to £211,815, just 6.1 per cent up on a year ago.

The figures also confirmed data from both the Halifax and Nationwide building societies, which showed significant falls in average house prices across the UK in September. Halifax said £6,000 had been wiped off the price of an average property in the month.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS) said although prices could slip a little further the downside would be quite limited. “The more pressing issue remains the relatively low level of transaction activity. This has more direct ramifications both for the health of the economy and the ability of those made unemployed to move to find work elsewhere in the country,” he said.