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House prices have stabilised, says Halifax
Business Digest: Annual rate of increase has declined in past two months
House prices have stabilised at a similar level to those at the end of last year, according to a Halifax survey.
The bank says the cost of the average UK home rose by just 0.2 per cent in August to £167,953.
The figure is only slightly lower than at the end of 2009 and is still 16 per cent below the peak of August 2007.
Despite the small increase in prices during the last month the annual rate of increase declined further, from 4.9 per cent in July to 4.6 per cent in August.
Halifax's chief housing economist Martin Ellis said: "These developments suggest that the market is broadly stable, with house price inflation having cooled since last year when supply shortages helped push up prices."
Read a full report at BBC News ·
