House prices fall back in February

As a result, the price of the average house has fallen 17.7% over the past 12 months, to £160,327. This is now close to the level of August 2004. Halifax highlighted prices in the three months to February compared to the previous three months - an indicator of the underlying trend - were 3.6% lower. This is slightly below the quarterly rate of decline of 5-6% recorded consistently between June 2008 and January 2009. However, on the positive side, the house price to earnings ratio (a key affordability measure) is at its lowest for six years. It has declined from a peak of 5.84 in July 2007...