It has been revealed that house prices fell at record levels over the past 12 months. The Halifax house price index posted a year on year fall of 12.7% in August and given this rate average local house prices are now approximateky £105,000. The average cost of a UK home is now £172,109.It's not all bad news though as figures suggest that the rate prices are falling at is finally slowing down. The month of September saw a drop of 1.3% which is the lowest since March.
However, current market situations are still very uncertain and the FTSE100 has seen prices fall at an alarming rate over the past month.
The Bank of England lowered it's interest rate by 0.5% on Wednesday, a move which will be welcomed by many home owners on variable mortgages.
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