According to the Halifax, the average house price is now £168,176, £33,000 less than at the peak in August of last year. The average home lost £4,000 in value in the past month alone, equal to £923 a week. There are hopes yesterdays’ surprise 1 1/2% cut in rates will help rekindle demand, but this could well prove to be just so much wishful thinking. The economy has just fallen into recession, one which is likely to be both deep and lingering with unemployment set to soar. This is certainly not a healthy environment for property prices. More gloom looms…..