The average price of a house in the UK now stands at just over £160,000. The Halifax House Price Index shows a 2.3 % decline in February. It was hoped that January’s 2% increase might be an early sign of a recovering housing market. However, according to Halifax’s chief economist, Martin Ellis, it is not typical for house prices to move in the same direction month after month even when the overall trend in price is downwards.
The house price to earnings ratio fell to 4.42 in February, its lowest level in six years and down 24.3% from its peak of 5.84 in July 2007.
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