Halifax released its latest property price date and echoed the news from Nationwide, stating that the average price of a home was down 2.3% in February.

This was back to the general downward trend of property prices over the last year as opposed to the increase that was seen in January.

HBOS housing economist Martin Ellis did however have some positive comments stating "While market activity remains at very low levels, there are some tentative signs that activity may be beginning to stabilise. The house price to earnings ratio - a key measure of housing affordability - has fallen to its lowest level for six years".

If house prices do continue to fall, the point mentioned above about the earnings ratio is very important and once prices stabilise it could lead to it being much easier for you to obtain a loan.

Of course, the best way to do so will still be via an independent mortgage broker.

Source BBC News