Av­er­age price now 20pc be­low peak

Yorkshire Post - Property - - FRONT PAGE -

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.

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