Wednesday, 5 December 2007

Prices fall for the third month in a row

The Halifax has just published the latest house price data, and it makes grim reading for property owners. In November, house prices fell by 1.1 percent. This is the first time in 12 years that house prices have fallen for three consecutive months.

Howard Archer, chief economist of Global Insight provided a telling comment "The Halifax data provides significant late support to the case for the Bank of England to cut interest rates".

Since when did the Bank of England become responsible for sustaining house prices? What has happened to the government-mandated objective to maintain price stability?

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