month on month house prices are down 2%. The Halifax report house prices down 6.1% annually, but they calculate this using this quarter against the quarter a year ago.
The true yearly drop is 8.6% on a seasonally adjusted basis. June 2007 average house price was £197,450 against £180,355 for June 2008.
The last 12 months has seen the biggest falls ever from the Halifax. The previous biggest 12 month fall was in October 1992 of -8.5%
House prices have fallen 9.65% from the peak in August 2007 10 months ago. It took from May 1989 to September 1992 for house price to fall 9.65% that is 41 months.