House Prices Down Again In July

House prices for July fell by 1.7 percent in July according to the latest Halifax report, taking prices down to where they were in June 2006.

Looking at the year so far house prices are down by just short of 9 percent and a Halifax representative, commenting on the situation, said that this could get to 10 percent by the end of the year quite easily. Mortgage lending is much lower than it used to be, with bigger deposits and stricter criteria to meet in order to qualify for a home loan.

Figures show that approved mortgages are down by over two thirds compared with last year, a dramatic fall that is stifling any growth there might be. The Halifax and other lenders have to be more cautious about their lending now since they were all hit by the global economy problems.