Halifax gloom as it sees house prices drop again
Wednesday 07 November 2012
A disappointing October for house prices swelled the gloomy mood music over the UK's recovery yesterday as lender Halifax warned of a deteriorating property market.
Its latest house price index showed a 0.7 per cent decline in prices, the fourth successive month of falls, which takes the average UK price to £158,426, down 1.7 per cent compared with last year.
The blow follows downbeat survey evidence from manufacturers, builders and services firms over the month, dampening economic prospects for the final three months of the year after a 1 per cent surge between July and September. The Bank of England meanwhile faces a close-run decision over whether to pump billions more into the economy this week.
Deutsche Bank chief economist George Buckley said: "The post-Q3-bounce period is beginning to look more fragile than we had hoped, and while we continue to see the Bank on hold [tomorrow] the risk of further action, whether this week or at future meetings, rises with each piece of softer news."
Halifax's housing economist Martin Ellis blamed a "weak economic background" as he said: "Signs of a modest deterioration in the trend in house prices continued in October." The figures contrasted with a slight bounce in prices shown by Nationwide's rival index.
interviewThe producer and activist, Trudie Styler, whose film 'Filth' is up for five film awards, is tapping into the industry's neglected female talent
interviewHer estate has become the nation's glossiest food empire
theatreTheatre's hitmaker Daniel Evans on 'Oliver' and bringing 'The Full Monty' to the stage
food + drinkMichelin-starred Tom Sellers on being this year's hottest property
tvParents (and kids) rejoice! A new wave of fantastic family entertainment is here
booksGeese, gorillas, grandads... and growing up
food + drinkHow one grocery e-tailer is gearing up for the Yuletide rush
food + drink
travelFor broadcaster Mishal Husain, a long-haul Club Med holiday was a chance for her family to explore its sense of 'zen' and 'animation'
Hundreds arrested as Canadian police smash worldwide paedophile ring
Nelson Mandela: 11 inspirational quotes to live your life by
Ja Rule forced to deny leaving wife for prison cell mate
Crash pilot who threatened Ukip leader Nigel Farage found dead
Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- 1 Hundreds arrested as Canadian police smash worldwide paedophile ring
- 2 Sherlock series 3: Benedict Cumberbatch and Martin Freeman provide teasers for the biggest comeback in British television
- 3 Why Barcelona chose Everton to educate their latest prodigy
- 4 Mass murder in the Middle East is funded by our friends the Saudis
- 5 Japan cracks down on leaks after scandal of Fukushima nuclear power plant
- < Previous
- Next >
iJobs Money & Business
£80000 - £100000 per annum + benefits + bonus: Harrington Starr: Project Manag...
£50000 - £60000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£30000 - £40000 per annum + Bonus and Benefits: Harrington Starr: A global Con...
£150 - £250 per day: Cornwallis Elt : iPhone Rollout- Blackberry Enginee...