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Halifax: Low mortgage rates helping housing market

08/08/2008

According to the latest House Price Index from Halifax, the average price for a property in the UK fell by 1.7 per cent in July.

Currently the average house price is £177,351, which is 34 per cent higher than five years ago and 114 per cent higher than a decade ago.

The news may interest people trying to get on the property ladder and those concerned about debt problems arising from negative equity.

Halifax said: "A solid labour market, low interest rates and a shortage of new houses continue to support the market."

It added employment levels are high which is helping the situation, as "the labour market is the key driver of the housing market".

Mortgage rates are also lower, with the index showing the average mortgage rate paid by all borrowers fell 21 basis points in the first half of the year and stood at 5.76 per cent in June.

In related news, the Bank of England has kept the base rate at five per cent.

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