House Prices: Halifax Reports Drop Of 1.2 Per Cent

PRESS ASSOCIATION -- House prices dropped 1.2% last month, the Halifax said, ending three months of price rises.

The average price of a house fell month-on-month to £161,743 in August, although the "more reliable" quarterly change showed a 1% rise.

Martin Ellis, housing economist at Halifax, said 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 reassured the decline did not change a "relatively stable" picture.