Housing values have fallen by 1.7% over the past 12 months. Photograph: David Levene for the Guardian
House prices fell for the fourth month running in October, dropping by 0.7% over the month, according to the latest figures from mortgage lender Halifax.
The bank's latest house price index put the average cost of a home in the UK at £158,426, down £4,500 on the price in October 2011 and £41,000 lower than the peak of £199,612 in August 2007.
According to the index, which calculates annual price changes using the average of three months' figures, values have fallen by 1.7% over the past 12 months – the highest annual change recorded since February.
The three-month figures, which are generally a better indication of price trends than single monthly figures, showed a 1.2% fall. This is substantially higher than the 0.5% figure recorded in September.
The bank's latest house price index put the average cost of a home in the UK at £158,426, down £4,500 on the price in October 2011 and £41,000 lower than the peak of £199,612 in August 2007.
According to the index, which calculates annual price changes using the average of three months' figures, values have fallen by 1.7% over the past 12 months – the highest annual change recorded since February.
The three-month figures, which are generally a better indication of price trends than single monthly figures, showed a 1.2% fall. This is substantially higher than the 0.5% figure recorded in September.
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