House prices fall to 2004 levels in 08

This puts the average house price at £159,896; back down to the average level of August 2004. However, a decrease of 5.2% in Q4 last year was similar to the drop for the previous two quarters which suggests the underlying rate of decline may be stabalising, Halifax says. House market activity shows signs of picking up but at a low level. Estate agents reported the first increase in newly agreed sales for 18 months in November and the first rise in new buyer enquiries since October 2006 (sources: Bank of England and RICS). Affordability is also at its lowest for five and a half years ...