Mortgage Lenders, Halifax, have reported today that house prices fell for a second consecutive month in May and property market activity remains slow. The average house price is now £167,570, which still represents a 6.9% increase on house prices for the same time last year (2009).
The Halifax report is, however, in stark contrast to Nationwide‘s report of a 0.5% increase in May, contributing to a 9.7% year-on-year boost.
The Nationwide’s chief economist, Martin Gahbauer, reported that, “housing market conditions remain characterized by thin transaction volumes and a relative scarcity of properties for sale, despite a slow return of more sellers in recent months.” He predicted a moderately upward trend in prices.
Meanwhile, the Halifax representative, Martin Ellis, said their figures were consistent with a slowing market and supported their prediction of flattened.