month on month house prices are down 1.8%. The Halifax report house prices down 10.9% annually, but they calculate this using this quarter against the quarter a year ago.
The true yearly drop is 12.7% on a seasonally adjusted basis. August 2007 average house price was £199,600 against £174,178 for August 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 12.7% from the peak in August 2007 12 months ago. It took from May 1989 to February 1993 for house price to fall 12.97% that is 45 months.
The last time house prices were at this level was March 2006 at £174,814
Crown prediction is still house prices to continue falling with the Halifax index bottoming at £140,000 in Q4 2009. A fall of 30% or £59,600 from the peak in August 2007. That would be house prices returning to levels last seen in Q4 2003.