Halifax reveals falling house prices in February
News Category: Industry News
Published: 06-Mar-2008
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Last month saw a modest decrease in UK house prices, it has been revealed.
According to the latest Halifax House Price Index, property values edged down by 0.3 per cent in February, which the average house price standing at £196,649.
The figures indicated that prices had risen by £4,390 over the past year, representing a year-on-year increase of 4.2 per cent.
In addition, Halifax revealed that over the past five years stamp duty revenue had more than doubled, rising by 140 per cent.
Martin Ellis, chief economist at Halifax, commented: "House prices fell by 0.3 per cent in February. Prices in the three months to February, however, were marginally (0.2 per cent) higher than in the previous quarter.
"Whilst the housing market has slowed over the past six months, it is supported by sound economic fundamentals. Interest rate cuts by the Bank of England are alsohelping to underpin house prices.
"Nationally, we predict that house prices will be flat in 2008."
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