House prices continue to fall

The average UK house price fell by 0.3% in July, the fourth month in a row, according to the Halifax house price index. Halifax said a typical UK home cost £285,044, compared with a peak of £293,992 last August. Property prices were down 2.4% last month compared with the same period last year, easing from a 2.6% decline in June. Analysis shows the biggest decline was again in the south-east, where the average price was down 3.9% in July, meaning just over £15,500 has come off the value of a typical property in the region over the last year. Kim Kinnaird, the mortgages director of Halifax, said: "In particular, we're seeing activity among first-time buyers hold up relatively well, with indications some are now searching for smaller homes, to offset higher borrowing costs". Mr Kinnaird said the wider housing market remained closely linked to the performance of the economy, adding: "Several factors are providing support, notably strong wage growth, running at around 7% annually".

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