RICS: Halifax October house price data

Commenting on the Halifax house price data Simon Rubinsohn, RICS Chief Economist said: "The latest data from Halifax demonstrates the increasing pressure in the housing market. Prices are now falling at a faster pace than in the recession of the early 90's and, with mortgage finance still in short supply, the likelihood is that the picture will continue to deteriorate in the near term. Interest rate cuts by the Bank of England should gradually provide some support but the key issue is the extent to which these reductions are passed on into high street lending rates. Ominously some lenders are taking advantage of the current environment to rebuild margins, which will inevitably lessen the beneficial impact of the bank's actions."