House prices down 2% in June-Halifax

The fall means house prices are now 6.1% lower than they were a year ago and have reached the same level as August 2006. The figures show the average UK house cost £180,344 in June on a seasonally adjusted basis. Prices had previously fallen by 2.5% in May and figures from Nationwide suggest a similar level of decline, reporting a 6.3% drop over the past twelve months. Halifax says the slowing economy, a tightening of credit conditions and the rapidly rising cost of food and fuel have reduced demand for housing. The UK economy is expected to fare badly over the coming months, with many ...