A drop in house prices has been recorded, it has been revealed.
Figures released by Halifax show that over the course of last month the average UK home fell 0.5 per cent in value to stand at ยฃ157,713.
On an annual basis property prices are down 15 per cent, while the 1.9 per cent decline between April and June has been the smallest quarterly decline seen since the first quarter of 2008.
Housing economist Martin Ellis claims that despite some recent signs of an improvement in the property market, the bank expects to see a “continuing mixed pattern of monthly house price rises and falls over the remainder of 2009”.
As such, for those concerned about what impact the volatile nature of the property market over the coming months could have on the value of their home, taking the time to carry out DIY – such as fitting a new bathroom or windows – could help to increase its value.
Indeed, Georgina Spencer, of Roca UK, recently told the Independent that the bathroom is a “key value-adding” part of a property.