Demand from first-time buyers slows the pace of descent
House prices have fallen for the fourth month in a row, leaving them around £9,000 below last year’s summer peak.
The average cost of a property declined by 2.4pc in the year to July, according to the Halifax house price index, having dropped by 2.6pc in June, from 1.1pc in May.
It means a typical home is now worth £285,044, down from £293,992 last August. Prices fell 0.3pc in July in a fourth consecutive monthly decline.
It comes after a separate index said house prices fell at their fastest pace since 2009 in July.