Halifax, part of the state-controlled Lloyds Banking Group, tries to keep the fear for a housing market crash at bay.
Fears of a housing market crash have been raised after average house prices fell by more than 6,000 pounds in September which is probably owing to anxiety about the fragile state of the economy.
Howard Archer, chief UK economist at HIS Global Insight stressed that it’s important to put the date into perspective because the 3.6% fall was a record on the basis of monthly comparisons.
Halifax admitted that the data, which has been a barometer of housing prices since 1983, was a shocker but warned for inconstancy due to rising taxes, falling incomes and the increasing supply of homes on the market.
Lennert Thomas
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