Halifax mortgages see prices stabilise

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Halifax mortgages see prices stabilise

According to a new report from Halifax mortgages the UK's housing market has levelled out over the last eight months.

Halifax, the UK's biggest mortgage lender, found that house prices in March rose by 0.5 per cent following a fall of the same amount in February.

This rise and fall pattern has been followed for the last eight months, which have seen four price rises and four falls. As a result prices now are largely the same as they were in September 2004.

Meanwhile the significant rate of house price inflation has dropped from 12.1 per cent in February to a figure of 9.7 per cent - its lowest level since November 2001.

Commenting on the findings Martin Ellis, chief economist at HBOS, said: "There are increasing signs that activity levels are now stabilising and house prices are broadly static at a national level."

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