Halifax finds greater stability in house prices

06 April 2005
Halifax, the nation's largest mortgage lender, has found that house prices are stabilising after February's decline.

According to Halifax, house prices increased by 0.5 per cent in March, reversing the same percentage fall in the previous month.

The increase points towards a levelling-out of house prices - eight months have seen four rises and four falls, but prices are broadly the same as they were last September.

"There are increasing signs that activity levels are now stabilising and house prices are broadly static at a national level," said Martin Ellis, chief economist at HBOS, Halifax's umbrella company.

However, the annual rate of increase has slipped below the ten per cent for the first time in more than three years.

Standing at 12.1 per cent in February, it slipped to 9.7 per cent in March according to Halifax.

Kevin Shaw, sales director at Haarts estate agents, affirmed nonetheless that "since February there have been strong levels of activity and improved confidence."

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