House price drop may raise carpet budgets
Data for February by Halifax showed that house prices dropped by 1.5 per cent in February, to an average of £166,857.
This was the first drop recorded in seven months, with the average home still costing eight per cent more than at the bottom of the market in 2009, Halifax housing economist Martin Ellis stated.
However, he also noted: "There has been a decline in the underlying rate of house price inflation - measured by a comparison of the latest three months with the previous quarter - over the last few months."
This may suggest the recovery after the worst of the recession saw prices plunge has run out of steam and that the momentum has tilted back towards a decline.
Chief executive of first-time buyer services provider Firstrung Paul Holmes said this week that prices are likely to go on falling over the next 14 to 18 months.
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