The Press Association: House prices 'down 0.8% last month'

House prices 'down 0.8% last month'

(UKPA) – 17 hours ago

House prices fell for the fifth time in six months during February as activity in the property market remained subdued, with London and the East the only regions to see a rise, figures show.

The average cost of a home in England and Wales dropped by 0.8% to £162,215 during the month, to stand 1.7% lower than in February 2010, according to the Land Registry.

It was the ninth consecutive month during which the annual rate of house price inflation has fallen, and the second month in a row during which it was negative, while the drop was the largest since October 2009.

The number of homes changing hands also fell to a seven-month low in December, the latest month for which figures are available, with 54,812 transactions taking place - 30% below the level for February last year, although the decline may in part reflect the severe winter weather during the month.

The data is the latest in a run of gloomy figures on the property market, with Halifax recently reporting that house prices had fallen at their fastest annual rate for 16 months during February, while the number of mortgages being approved for house purchase remain well down on the levels that are consistent with a stable market.

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