UK house prices experience quarterly decline

Posted 06/07/2011

Many Brits may wish to seek the advice of a residential conveyancing solicitor and take advantage of current property prices in the UK.

The latest house price index from Halifax has revealed the average cost of a home has declined compared with the previous three months.

Prices reached £163,049 in June – 0.5 per cent lower than the preceding quarter of 2011 and a 3.5 per cent reduction on 2010’s values.

However, the cost of a home was 1.2 per cent higher than figures recorded in May, which means now could be the time to act for those wishing to sell their abode.

Halifax housing economist Martin Ellis said: “A slowly improving economy and sustained low interest rates should help to support broad stability in the market over the coming months.”

The Land Registry released its house price index for England and Wales at the end of last month, revealing the average cost of a property to be £161,823.

If you need help with residential conveyancing, the team at Ashtons Legal can offer professional advice.