It’s latest figures show that house prices in October were 13.7% lower on an annual basis. The UK’s average house price is now £168,031 – the same level as October 2005.
On a happier note, the Halifax research reveals that stability is returning to housing market activity. The number of mortgages approved to finance house purchase was broadly unchanged in September for a third successive month.
Commenting on the figures, Martin Ellis, Halifax chief economist, highlighted another positive in the figures: “Housing market conditions remain challenging in the face of the significant pressures on householders’ incomes and the reduction in the availability of mortgage finance since last summer. But housing affordability is improving significantly… We expect a further improvement in the ratio over the coming months.”
