House prices down 2.6% on annual basis in July

House prices fell 2.6 per cent on a year-on-year basis in July, according to the latest house price index by Halifax.

The data shows the average house price now stands at £163,981, 0.3 per cent higher than May and 0.5 per cent higher on a quarterly basis.

Halifax housing economist Martin Ellis says: “Overall, there has been little change in either the level of house sales or the number of properties on the market for sale since late 2010.  These steady market conditions have helped to stabilise house prices in 2011 following last year’s modest decline.

“This pattern is expected to continue over the rest of the year with little genuine direction in either house prices or sales.”