The Halifax has reported that in January house price inflation dropped to below 5%, leaving the average house price, according to its survey, at £197,244. The Halifax reported that the average home now costs £7,628 more than it did 12 months ago.
The slow down in the property market has driven this decline, leading to a drop in property prices over the last quarter. The annual house price inflation in August had stood at 11.4%
But experts are pleased that houseing prices have not plumeted and are predicting that this will limit the Bank Of England to a maximum of a 0.25% base rate cut later this week.
Halifax has said it expects housing prices to remain flat in 2008, even though the quarter to January showed a 1% drop.
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