06/07/2006

Halifax reports house price drop

House prices fell by 1.2% during June, the Halifax has reported.

The fall, the biggest monthly reduction in prices since October 2000, has been attributed to householders' facing rising utility and council tax bills.

The Halifax said that the fall suggested that "the heat is coming out of the market".

However, the figures also showed that annual house price inflation was continuing to rise, increasing to 9.4% last month.

The Halifax figures follow Nationwide figures which showed that house price inflation rose by just 0.3% in June, following similarly small increases of 0.2% and 0.1% in May and April.

(KMcA/SP)

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