House Price Falls Accelerate
House Prices are falling faster than before. Prices fell by another 2% in February, taking the annual rate of decline from 15.1% to 16.5%. This takes the average property value down by £30,361 in the past 12 months to a level last seen in Sept 2004.Prices have now fallen for 18 striaght months.
New figures this week also showed that actual house sale transactions has also reached a new low. Just 42,000 transactions were completed in February, half the level of the previous February.
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