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House prices fall in blow to those with mortgages

Date: 4 March 2005

Those with mortgages are likely to be disappointed with the news that house prices have fallen, according to the latest statistics released by Halifax.

In its house price analysis Halifax said that February had produced a fall of 0.5 per cent in the market.

Consequently the average home now costs 0.8 per cent more - at £162,816 - than in June last year.

Chief economist Martin Ellis said that the signs reflected a "mixed pattern of monthly price rises and falls recorded since last summer".

He added that the movement is "consistent with a gradual slowdown in house price inflation".

The study also showed that mortgage payments are now one fifth of gross income.

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