Decline in house prices could lead to more home improvements

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More people could be encouraged to undertake improvements to their home after Halifax released its February 2009 House Price Index.

Instead of selling their home, people could consider the benefits of conservatories to boost the value of their home after it was revealed that the average cost of a house in the UK now stands at £160,327.

The figure represents a monthly decline of 2.3 per cent, while the annual depreciation stands at 17.7 per cent.

Indicating that it might be a good time to have a conservatory built, Martin Ellis, Halifaxs housing economist, said that there are indications that the housing market is beginning to recover.

"The house price to earnings ratio – a key measure of housing affordability – has fallen to its lowest level for six years," he said.

Mr Ellis added that, while the property market would eventually see an upturn in activity, 2009 is likely to be "another difficult year".

Halifax recently launched its ISA Direct Reward, which became available from February 24th.

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