Latest News
Jan 2, 2009
House prices fell 2.2% in December
More than £100 a day was wiped off the value of a typical British home last year by the housing slump, with the average house price ending the year down by £37,178, or 18.9 per cent, the Halifax reported today.
Martin Ellis, chief economist of the Halifax, said the market was set to remain under pressure this year from weak growth in earnings and the scarcity of mortgage finance.
However, Mr Ellis argued that the improving affordability of homes and waning pressure on households’ finances should help to limit the scale of this year’s fall in the market. He noted that, relative to earnings, house prices were now at their lowest levels for five and a half years. |
