House prices have stabilised - Halifax

It says the cost of the average UK home rose by 0.2% in August, but the annual rate of increase declined further, from 4.9% in July to 4.6% last month. This means the average UK home now costs £167,953, which is 9% higher than the recent low point in April last year but 16% below the peak of August 2007. Nationwide also said last week that prices were now only 3.9% higher than a year ago. "Prices are now at a very similar level to that at the end of last year," said the Halifax's chief housing economist Martin Ellis. "Activity has also been largely static since the start of the ...