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.
International Women's Day 2014: The shocking statistics that show why it is still so important
Feminist quotes to inspire you on the International Women's Day
Belle Knox: How the porn star student from Duke University became bigger than Justin Bieber
International Women's Day 2014: Mothers and daughters describe their hopes and dreams in touching photographs
Liam Neeson on death of wife Natasha Richardson: ‘When I hear the door opening, I still think I’m going to hear her’
Apple's Tim Cook: Business isn’t just about making profit
Thousands of young people forced to go without food after benefits wrongly stopped under 'draconian' new sanctions regime
Ukraine crisis: New navy chief 'defects' and surrenders Crimean HQ as Putin claims ultranationalists forced intervention
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Ukraine crisis: Russia dismisses '3am ultimatum' as 'total nonsense'
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Orgasm machine to deliver climax at the push of a button
- 4 Too upsetting? Academy members voted for Oscar-winning 12 Years A Slave 'without watching it'
- 5 Liam Neeson turned down James Bond role to marry Natasha Richardson
iJobs Money & Business
£12000 per annum: Inspiring Interns: The company works with Tier 1 FTSE 100 Ba...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...