Drop in UK house prices during February

Drop in UK house prices during February

Drop in UK house prices during FebruaryAccording to the last property index report from Halifax in the UK residential property there saw an unexpected price fall of 1.5% in February. The decrease has been the first drop in UK residential house prices since June last year. The decline followed a downwardly revised 0.4% rise in January and left prices 4.5% higher in the three months to February compared with a year ago.

Commenting on the drop, Halifax’s housing economist Martin Ellis said; ‘the bad weather in the first two months of 2010, together with the return of the lowest stamp duty threshold to £125,000, are likely to have had an adverse impact on housing demand’.

Along with the latest Halifax report The UK Nationwide building society also reported a 1% fall in prices last month and Bank of England figures showed mortgage approvals fell to an 8 month low in January.

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