Property prices fell in August

Consumers who are on the lookout for letting agents in Cricklewood or estate agents in Maida Vale to help them find a property may be pleased to note that house prices fell last month. This may make real estate more affordable.

According to the latest Halifax House Price Index, house prices dropped by 0.4 per cent in August. Meanwhile, they were down by 0.3 per cent in the three months to August.

The organisation revealed that the average price of a property in Britain last month was £160,256, which was 0.2 per cent higher than in December 2011.

Meanwhile, prices in the three months to August were 0.9 per cent lower than they were during the same period a year earlier.

Those seeking letting agents in Cricklewood or estate agents in Maida Vale may also be buoyed by the fact that the number of mortgages approved picked up in July. There was a seven per cent increase in the number of home loans approved during the month compared with June.

Commenting on the findings, housing economist Martin Ellis said: “Nationally, house prices continue to tread water, as measured by the underlying trend. Prices in the three months to August were fractionally lower compared with the previous three months.”

He added: “Overall, there has been little change in house prices so far this year with the UK average price in August at a very similar level to the end of 2011. A gradual upward trend in spending power, aided by lower inflation, should help to support housing demand in the coming months. Nonetheless, house prices are likely to remain flat over the remainder of 2012 and into next year.”

Many people around the UK are looking to take advantage of current market conditions by investing in real estate while prices remain subdued.

Sources: http://www.lloydsbankinggroup.com/media1/press_releases/2012_press_release_brands/halifax/0609_HPI.asp