House prices 'fall to 2004 level'
Mortgage approvals fell again in November
The average price of a UK home has fallen to levels not seen since August 2004, according to the Halifax.
Prices declined by 2.2% in December, to bring the average cost down to £159,896, the lender said.
On an annual basis, prices were down 16.2% from December 2007, the biggest annual fall since records began.
Halifax also said homes were more affordable than at any time since April 2003, when set against earnings. But getting a mortgage is harder for many.
The figures came as data from the Bank of England said mortgage approvals fell in November to 27,000 - at least a nine-year low.
More: http://news.bbc.co.uk/1/hi/business/7807724.stm
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A load of bull IMO - they are just saying that to tempt buyers to the market, in reality prices have fallen maybe to levels of 2006 or even start of 2007.
Mortgage approvals fell again in November
The average price of a UK home has fallen to levels not seen since August 2004, according to the Halifax.
Prices declined by 2.2% in December, to bring the average cost down to £159,896, the lender said.
On an annual basis, prices were down 16.2% from December 2007, the biggest annual fall since records began.
Halifax also said homes were more affordable than at any time since April 2003, when set against earnings. But getting a mortgage is harder for many.
The figures came as data from the Bank of England said mortgage approvals fell in November to 27,000 - at least a nine-year low.
More: http://news.bbc.co.uk/1/hi/business/7807724.stm
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A load of bull IMO - they are just saying that to tempt buyers to the market, in reality prices have fallen maybe to levels of 2006 or even start of 2007.
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