will house prices continue to fall in 2011

will house prices continue to fall in 2011 : House prices fell by 1.2% in August, according to the latest Halifax index, ending three months of price rises. The average price of a house fell to £161,743, the lender said, although the three-monthly figure showed a 1% rise. The August fall meant prices have now declined by 2.6% since the same month in 2010.

House prices peaked at £168,593 in April 2010 and fell to £160,393 in April 2011 before moving back up to £163,765 in July. Martin Ellis, housing economist at Halifax, said house prices and activity in the market should be stable over the coming months. The findings are in line with fellow lender Nationwide, which saw prices drop 0.6% in August.

But Howard Archer, chief UK and European economist at IHS Global Insight, was more gloomy, and said the figures reinforced his belief that house prices would come down over the coming months. For the latest updates on the stock market, visit Stock Market Today

will house prices continue to fall in 2011 ?

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