There has also been a levelling off of house price increases followed by some decline. The latest published data show that prices were down about 6 per cent in year-on-year terms in November 2007. This would, of course, mask variations that may exist and other industry sources suggest that the figure may be currently somewhat greater.
These developments in the market can be seen as part of a necessary adjustment phase following many years of high house price inflation. Affordability has begun to improve again due to lower house prices and changes to stamp duty and mortgage interest relief.