View more on these topics

House prices down by 2.6% in November

House prices fell by 2.6% in November the latest Halifax house price index shows.

The monthly survey found the average house price in November dropped 14.9% year-on-year to the same level last seen in July 2005 – £163,445.

But Halifax says that the UK average house price is 124% higher than 10 years ago sitting more than £90,000 higher than in November 1998.

Martin Ellis, chief economist for Halifax, says: “There was a 2.6% decline in average UK house prices in November.

“The combination of high house prices in relation to earnings, constraints on householders’ incomes and spending power and the decline in the availability of mortgage finance since the summer of 2007 has curbed housing demand.

He adds: “These factors are major contributors to lower house prices and activity.

“Lower house prices, however, mean that a key housing affordability measure – the house price to earnings ratio – is at its most favourable for over five years at 4.56.”

Recommended

Take that, rule book

Whoever said that throwing money at a problem doesn’t solve it clearly hasn’t told chancellor Alistair Darling. Last week’s pre-Budget report did little to allay fears that the economy is spiralling out of control. Despite Darling’s promise to bring the UK’s finances back into balance by 2016, the chancellor and the government have been accused of recklessness.

Haggerty quits Skipton in surprise move

Steve Haggerty, managing director of Skipton, has unexpectedly quit the mutual to pursue other business interests. Skipton says: “We wish him all the best for the future.”

How to use wills to protect your clients’ wishes

March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]

Newsletter

News and expert analysis straight to your inbox

Sign up