The May edition of Halifax's House Price Index identified that:
on a monthly basis - in May prices were 0.2% lower than in April
on a quarterly basis (March to May) - prices were 0.5% lower than in the preceding 3 months (December to February)
on a 12 month basis - prices were 2.6% higher in May compared with May 2019
The net impact of the above, is that the average house price fell by 0.2% to £237,808 in May.
Source: Halifax
Source: Halifax
Russell Galley, managing director at Halifax, says:
“Looking ahead, we expect market activity to increase progressively as restrictions are eased further across the whole of the UK and we continue to have confidence in the underlying health of the housing market over the long term."
and
“However, the extent of downward pressure on market confidence and prices over the coming months will depend on how quickly the economy is able to recover from the effects of the pandemic and the available government policy support for jobs and households.”
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Jeremy Leaf, a London based estate agent, and former residential chairman of the Royal Institution of Chartered Surveyors, says:
“Unlike the rather gloomy Nationwide figures from a few days ago, Halifax demonstrates a more hopeful picture for the market, even though prices have fallen for three successive months while emerging from the eye of the Covid storm.
“On the ground, activity has certainly picked up from its very low base, with many of the pre-lockdown sales put on hold resuming, albeit cautiously as buyers and sellers come to terms with the new normal.
“Values are holding fairly firm so far, particularly for smaller houses but demand for flats remains weak, caused by uncertainty over post-furlough employment prospects.”
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