House Price Index could lead to more home improvements
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The number of people opting for bespoke conservatories could rise following the publication of the latest Halifax House Price Index.
With house prices having fallen in value by 2.3 per cent in February and 17.7 per cent over the last 12 months, more homeowners could choose to concentrate on home improvements before the housing market begins to recover.
The average cost of a house in the UK now stands at £160,327, with Halifax housing economist Martin Ellis predicting that 2009 will be "another difficult year for the housing market".
"Whilst market activity remains at very low levels, there are some tentative signs that activity may be beginning to stabilise," he said.
"The house price to earnings ratio – a key measure of housing affordability – has fallen to its lowest level for six years."
This will be welcome news for people looking to increase the value of their home by installing a roof light, sky light or building a kitchen extension, with some experts predicting that the property market will begin to recover by the end of this year.
Halifax announced yesterday (March 5th) that it would pass the 0.5 per cent reduction in interest rates to its tracker mortgage customers.
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