July Housing Prices Slide

Published: 8/10/2010

The latest Halifax house price report showed a slide of 1.7 percent for the month of July, taking the overall decrease for the year to date to 8.8 percent.

A Halifax spokesman said that increasing demands on consumers income as well as much tighter mortgage lending criteria is making it very difficult for people to get into the market, with a natural decline in prices to try and stimulate interest.

On the topic of mortgage approvals, which really drive the housing market, they are down by almost 70 percent compared with the same time last year according to Halifax figures. This leads to the real market, that is those who can finance a move, shrinking considerably and in many cases almost cutting off completely the first time buyer.