House prices dropped for the fourth month on the trot on June in the longest run of consecutive falls in a decade.
The average cost of a home in Britain dipped 0.1 per cent to an average of £237,616 last month as Britain emerged from lockdown, according to figures from mortgage lender Halifax.
However, average prices remain 2.5 per cent higher than a year ago and mortgage enquiry numbers doubled in June as the housing market reopened.
Managing director Russell Galley said: “Though only a small decrease, it is notable as the first time since 2010 – when the housing market was struggling to gain traction following the shock of the global financial crisis – that prices have fallen for four months in a row.
He added: “We do expect greater downward pressure on prices in the medium-term, the extent of which will depend on the success of government support measures and the speed at which the economy can recover.”
The Halifax figures came as it emerged that shoppers are only slowly returning to High Streets. Footfall in town centres was down 55.7 per cent year on year last week, the third since “non-essential” stores were allowed to reopen in England. This compares with 58.1 per cent for the previous week.
Helen Dickinson, chief executive of the British Retail Consortium, said: “It remains a long way back to normality for the retail industry; two weeks after most shops reopened in England, footfall is still only half what it was a year ago.”
https://www.homesandproperty.co.uk/property-news/halifax-mortgages-house-prices-high-street-footfall-a139176.html