Halifax bank report – Future outlook looks gloomy

The average house price fell by 2.6 per cent in November from the previous month, snuffing out the increase on home equity earned since July 2005, according to the Halifax house price index published last week.
The month-on-month fall has been the largest for more than 16 years. Pushing a new 6½ year low against the dollar and an all time low against the once euro.
This latest report shows that house prices are on average 16.1 per cent lower than levels in November 2007. This exceeds the peak-to-trough drop seen in the early 1990s.
The Halifax index has shown we are in a much weaker state than the banking groups first anticipated.
Reports are showing that the buy-to-let market is still increasing on a weekly basis with more property being offered and maybe not enough tenants viewing.