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0.5% cut in interest rate
Halifax has released their latest house price figures and it is a welcome addition to the latest interest rate cut of .5% from the Bank of England today.
According to the survey, the average property price in the UK is £163,966. The overall price of properties in the UK is still much below that of last year and the overall figure for the past 12 months shows a fall of 17.2 per cent.
The Chartered Institute of Purchasing and Supply (CIPS) also produced their most recent survey that pointed to a slump in the services sector in January. The Federation of Small Businesses had urged the Bank of England to keep the interest rates the same, as did the Building Societies Association who said that they felt that the cost of borrowing was currently low enough.
The Halifax’s housing economist Martin Ellis said “There are some very early signs that market activity may be stabilising, albeit at quite a low level. Nonetheless, continuing pressures on incomes, rising unemployment and the negative impact of the dislocation of the financial markets on the availability of mortgage finance are expected to mean that 2009 will be a difficult year for the housing market”.
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