month on month house prices are down 1.7%. The Halifax report house prices down 8.8% annually, but they calculate this using this quarter against the quarter a year ago.
The true yearly drop is 10.8% on a seasonally adjusted basis. July 2007 average house price was £198,936 against £177,351 for July 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 11.15% from the peak in August 2007 11 months ago. It took from May 1989 to September 1992 for house price to fall 9.65% that is 41 months.