UK Markets closed

House Price Values Dip By 0.6% In July

(c) Sky News 2012

Data from the Halifax house price index has shown UK values dipped in July by 0.6%.

Mortgage lender Halifax said it was a marginally bigger fall than economists had forecast but one that leaves the pattern of broadly stable prices intact.

House prices in the three months to July were down on a year earlier, in line with forecasts and similar to the annual drop Halifax reported in June.

Overall price levels are now close to those seen in summer 2009.

"At a national level, house prices have been very stable over the past year or so," Halifax housing economist Martin Ellis said.

"This can largely be explained by the static nature of supply and demand conditions during this period.

"Looking forward, we expect little change in prices over the remainder of 2012 so long as the economic climate in the UK does not worsen substantially."

Last week the Nationwide building society said its survey had shown a fall in July house prices of 0.7%.

It said the values of Britain's home had falled by 2.6% within a year.

More From Sky News