Halifax reports 0.9% fall in February house prices

| March 4, 2011
Halifax reports 0.9% fall in February house prices

The Halifax has today revealed UK house prices fell by 0.9% last month compared with January, when prices rose 0.8%.

The latest house price rise takes the average cost of a UK home to £162,657, the Halifax said.

Meanwhile, in the three months to February, prices dropped 2.8% on an annual basis – the fastest annual pace since October 2009.

The lender is forecasting a modest drop of 2% in prices for the 2011 year. Many housing experts are predicting house prices to fall steadily throughout this year – particularly in light of the uncertainty regarding the economy, the Government’s spending cuts and the ongoing lack of mortgage availability.

Commenting on today‘s report, Halifax housing economist Martin Ellis said: “Fewer properties have been coming onto the market in recent months.

“This trend, if sustained, should improve the balance between demand and supply and help to prevent a more significant fall in house prices.”

In comparison, this week housing intelligence group, Hometrack, said house prices fell 0.2% in February, while the Nationwide Building Society reported a 0.3% rise in house prices for the month.

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