House prices dropped in September

The Halifax has revealed that house prices dropped by a 0.5% in September. In view of this figures, it is believed that the big squeeze will maintain the lid on house prices possibly for the rest of this year.

Although mortgage rates are low, it seems that the need for big deposits and a lack of confidence is putting off buyers

As the mortgage market is still offering good rates only to those able to put down big deposits, property sales continue to run around a third below the long-term average.

The average house price stood at £161,132, in September, down 2.3% on Halifax’s three-monthly annual comparison measure, but just £1,200, or 0.7 per cent lower on a direct comparison with September 2010.

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