Halifax: Annual house prices fall 2.8%

Its research showed that there has been little change in house prices in 2011, with property prices slipping 0.9% in February, thereby offsetting the 0.8% gain seen in January. However, the underlying trend showed house prices continue to decline, with prices in the three months to February 0.4% down on the previous three months. Nevertheless, the pace at which prices are falling remains significantly less than the 5% to 6% quarterly declines seen during the second half of 2008. Halifax highlighted the number of house sales remains low. While mortgages approved for house purchase i...