House prices have plummeted 15% over the past twelve months and are now falling at their fastest rate for over 25 years.
The Halifax’s latest house price index shows the Average UK home has lost more than £30,000 in value since peaking in summer 2007. Average house prices fell to £168,176 last month, down 2.2% since September and a 14.9% fall since October 2007, when the average stood at £197,698. Prices have fallen £31,436, almost 16%, since the peak of £199,612 in August 2007. Commenting on the figures, Martin Ellis, chief economist at the Halifax, says: “House prices declined by 2.2% in October. Housing market conditions remain challenging in the face of the significant pressures on householders' income...
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