House Price Inflation Falls Again
The latest figures from the Land Registry today show house price inflation falling again for the 6 month in a row. House price inflation now lies at 5.6%.House prices in England and Wales in February remained the same as the previous month, with the average property costing £185,616.
Prices in London actually fell by 0.4%.
A number of surveys over the past week have shown house prices falling at the fastest rate since the early 90s.
Last week Nationwide revised its opinion that house prices would be static in 2008. It is now predicting a "modest fall" in prices by the end of the year.
Despite prices falling, there are few new buyers in the market showing the effect of the creit crunch on the UK housing market. The cost of new mortgages is rising and today for the first time, existing mortgage holders are facing higher rates, with NatWest raising mortgage rates for those on its offset mortgages from 6.2% to 6.45%.
With mortgage rates tending to follow base rates, which are expected to fall, these moves are highly unusual.
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