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| House prices continuing to slow | House prices continuing to slow |
| (about 1 hour later) | |
| House prices are continuing to slow down, says the Halifax, the UK's biggest mortgage lender. | House prices are continuing to slow down, says the Halifax, the UK's biggest mortgage lender. |
| According to its latest monthly survey, prices across the UK fell by 0.3% in February, taking the annual rate of inflation down from 4.5% to 4.2%. | According to its latest monthly survey, prices across the UK fell by 0.3% in February, taking the annual rate of inflation down from 4.5% to 4.2%. |
| That means the average UK home now costs £196,649, according to the lender's calculations. | That means the average UK home now costs £196,649, according to the lender's calculations. |
| The Halifax said prices would be flat over the coming year if the economy and employment continued to grow. | The Halifax said prices would be flat over the coming year if the economy and employment continued to grow. |
| "House prices fell by 0.3% in February. Prices in the three months to February, however, were marginally (0.2%) higher than in the previous quarter," said Martin Ellis, the Halifax's chief economist. | "House prices fell by 0.3% in February. Prices in the three months to February, however, were marginally (0.2%) higher than in the previous quarter," said Martin Ellis, the Halifax's chief economist. |
| "Whilst the housing market has slowed over the past six months, it is supported by sound economic fundamentals. | "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 also helping to underpin house prices," he added. | "Interest rate cuts by the Bank of England are also helping to underpin house prices," he added. |
| Slowing market | Slowing market |
| The UK property market has seen a "significant" decline in activity in the past year, said the Halifax. | |
| It pointed to falling sales and a 39% drop in mortgages approved for home buyers. | |
| However, the Halifax survey paints a rather different picture of developments in the past six months from that portrayed by one of its main rivals, the Nationwide building society. | |
| In February, the Nationwide's survey registered its fourth monthly price fall in a row. | In February, the Nationwide's survey registered its fourth monthly price fall in a row. |
| It also said the pace of decline was speeding up, because prices in the three months to February had been 1% lower than in the previous three. | It also said the pace of decline was speeding up, because prices in the three months to February had been 1% lower than in the previous three. |
| However, the Halifax reckons that the slowdown has been much less dramatic. | |
| It said that prices in the three months to February were still 0.2% higher than in the previous quarter. | |
| Howard Archer, of Global Insight, said: "Overall, the data suggest that house prices are continuing to cool markedly, but they are not plunging through the floor." |