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3-03-04 01:16
Property prices continue to rise

By MARK WARNER


Just when people were beginning to talk of a slowdown in house prices, the figures show a sharp rise again. According to Halifax's latest monthly house price index, prices saw their greatest increase since September 2003 in February, rising by 1.6% during the month, and 17.8% since last year. The average house is now estimated to cost £148,089.

The Bank of England's recent base rate rises seen do appear to have had a slight impact on housing affordability; the percentage of earnings spent on mortgage repayments rose from 13.9% to 15.5%. However, compared with the long-term average of 21%, paying the mortgage currently remains relatively affordable.


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