Halifax says house prices are 'lacking direction'.

House prices are "lacking genuine direction", according to the Halifax, as it reported a 0.5% fall in values in September compared with August.

Prices were down 2.3% from a year ago, leaving the average home in the UK worth £161,132, the lender said.

It said there had been a mixed pattern of monthly changes in prices, but broad stability overall.

And the lender said it expected little change in prices and activity during the rest of the year.

"Greater uncertainty about economic and personal financial circumstances, together with pressure on householders' finances from weak earnings growth, higher inflation and increases in taxes, are likely to be constraining housing demand," said Halifax housing economist Martin Ellis.

Read more...