Conveyancing services news: House prices drop

People looking for conveyancing services will be interested to hear that house prices have fallen.

This is according to the Halifax House Price Index, which showed that the largest annual fall for 19 months was experienced in house prices.

According to the organisation, the average home value increased by £4.20 per day, or 0.1 per cent, to reach £160,519 between April and May.

However, Halifax said that this figure has fallen by 4.2 per cent during the previous 12 months, with the average property value being worth an extra £6,500 last May.

"Low earnings growth, higher taxes and relatively high inflation are all putting pressure on household finances. Confidence is also weak as a result of uncertainty about the economic and employment outlook. These factors are constraining housing demand and applying some downward pressure on prices," Martin Ellis, housing economist at Halifax, said.

Despite this, he told those looking for conveyancing services that the end of this year should see the housing market become more stable.

However, it has been claimed by mortgage broker Ray Boulger that house price indices are misleading, as they are seasonally adjusted.

Published by Hannah Carr