House prices at 2004 levels

6 January 2009

The latest report from Halifax has shown that house prices are now back at levels last seen in August 2004.

The average price of a property in the UK fell to £159,896 in December, according to the mortgage lender, a fall of 2.2% compared with the previous month.

Overall, house prices fell by 16.2% in 2008 – the biggest annual fall since Halifax began recording the figures in 1983.

Halifax also said that homes were at their most affordable since April 2003, in relation to people’s incomes.

House prices have been on a constant downward trend since November 2007, according to statistics from Nationwide Building Society, with the decreased availability of mortgages putting downward pressure on the market.

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Tags: house prices, prices, property, halifax, nationwide building society, mortgage, mortgages

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