Halifax figures for September show eighth consecutive month-on-month drop

UK house prices fell 1.3% in September, taking the annual fall to 12.4%, according to new figures from Halifax.

The mortgage lender said the cost of the average home in the UK now stood at 拢172,108 after the eighth consecutive month-on-month drop.

It said three month comparison figures suggested the rate of decline was beginning to stabilise but the market would remain 鈥渃hallenging鈥�.

Halifax chief economist Martin Ellis said: 鈥淭he ongoing pressures on householders鈥� income, combined with the reduction in the availability of mortgage finance mean that market conditions will remain challenging.鈥�

Ellis welcomed the Bank of England鈥檚 move to cut interest rates by 0.5% on Wednesday, saying it would provide 鈥渧aluable support to the housing market鈥�.

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