Property prices dropped 1.9 per cent between the first and second quarters of 2009, according to the latest Halifax House Price Index.

This was the lowest quarterly fall in value since the first three months of last year, the company said.

Private landlords who added to their portfolios last month may also have found that homes were cheaper than the month before.

Halifax said that the average cost of a property in June was 0.5 per cent down on the previous month.

This suggestion came despite a Nationwide Building Society report at the end of last month saying there was a 0.9 per cent increase in house prices during that period.

A statement from Halifax this week remained positive, indicating that housing demand has been stimulated by low interest rates and improvements in affordability.

"This, together with a low level of properties available for sale, has helped to stabilise activity and reduce the underlying rate of house price decline in recent months,"it claimed.

Written by Mark Garner
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