House Prices Fall Further in February
HBOS reports that house prices continued their fall into February with the average price down by 2.3%. This brings the average house value down to £160,327.HBOS's rate of annual change, based on a 3 month average, is down 17.7%. This was despite HBOS reporting a rise in prices in January of 2%.
These falling prices however, are making homes more affordable, with HBOS's affordability index at its lowest level in 6 years, meaning that the house price to earnings ratio is improving.
However, for house prices to stabilise or even rise, their needs to be more confidence in the economy, more affordability and more availability of finance.
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