Average price now 20pc below peak
HOUSE prices fell 1.9 per cent year-on-year in February, with a monthly decline of 0.5 per cent largely reversing the 0.6 per cent gain made in January, says Halifax.
The average property price in February was £160,118, which is 1.9 per cent lower than February last year, and nearly 20 per cent below Halifax’s average price of around £200,000 at the height of the market in August 2007.
Martin Ellis, housing economist at Halifax, says: “Overall, prices nationally are at broadly the same level as last spring. Market conditions have changed very little over this period, with demand supported by low interest rates and supply remaining tight.”
There was a rise in first-time buyers scrabbling to beat the end of the Stamp Duty holiday.