From This is Money:
Almost £26,500 has been wiped off the value of the average property since September 2007 ? a fall of 13.3%.
This outstrips the 13.2% peak-to-trough fall registered by the Halifax House Price Index from 1989 to 1995.
The Halifax report, released today, showed the average home fell by 1.3% in September and now costs £172,108 ? compared to £198,533 a year ago.
Halifax’s annual price change figure was -12.4%. This is lower than a monthly year-on-year comparison as it measures a three-month year-on-year moving average.
September’s monthly fall was the smallest seen since the start of 2008, providing a glimmer of hope that price drops may be slowing.
Howard Archer, chief UK economist at analysts Global Insight, has predicted a 33% fall in prices from the August 2007 peak to the first half of 2010, leaving the average home worth £133,750 by the Halifax measure.
He said: ‘House prices seem poised to fall substantially further as the fundamentals remain largely ne…
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