UK house prices remain static
News Category: Industry News
Published: 05-Feb-2008
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UK house prices have seen a 0.0 per cent change over the last month, it has been revealed.
The latest Halifax House Price Index published today (Tuesday, February 5th) indicated that prices remained static in January.
The average property is currently valued at £197, 244, representing an increase of £7,628 over the past year.
The index also observed a continuing slowdown in housing market activity, with the number of mortgage approvals decreasing by 35 per cent between the final quarters of 2006 and 2007.
Commenting on the latest figures, Martin Ellis, chief economist for Halifax, said: "The economy is expected to continue expanding during 2008, albeit at a slower pace than in the past two years. Sustained growth should support a strong labour market.
"The [Bank of England] is likely to cut the [base rate] at least twice in 2008; further supporting both the economy and housing demand."
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