House prices set back two years

The Halifax says prices fell by an average of 1.7% in July, brining the annual rate of decline to 8.8%. The figures are broadly similar to those published by Nationwide earlier in the month, which suggested average priced have fallen 8.9% over the past twelve months. The average cost of a UK home is now £177,351, close to the values seen more than two years ago. The Government has hinted at new measures to try to save the ailing housing market, with Alistair Darling thought to be considering a temporary stamp duty holiday. However, Liberal Democrat shadow chancellor Vince Cable says...