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More signs of stability in house prices can be seen in the July property market report from the Halifax.  According to the latest report, the three months to the end of June saw the smallest quarterly fall since spring 2008 at the onset of the credit crunch.

Annual house price inflation has improved steadily from -17.7 per cent in April to 15.0 per cent in June and Britain's biggest mortgage lender says that the mixed picture of monthly rises and falls so far this year contrasts sharply with the consistent succession of significant monthly declines recorded in 2008.

Commenting, Martin Ellis, housing economist, said: "On a quarterly basis, the 1.9 per cent fall in house prices in the second quarter was the smallest since 2008 quarter one. These figures provide evidence that the underlying pace of house price decline is easing.
 
There are further indications of a modest improvement in sales activity, albeit at a very low level.  Industry-wide figures show that the number of mortgages approved to finance house purchase increased for the fourth successive month in May.  Improvements in affordability and low interest rates have stimulated housing demand.  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".

The Halifax is expected to publish a summary of quarterly market trends by region which would provide more information on the market north of the border.  GSPC.co.uk will provide a more detailed update as soon as this analysis is available.