House Prices Down in February
House prices recorded their first fall since June with a fall of 1.5% in February according to the Halifax. The fall was blamed on the end of stamp duty relief, the cold weather and more properties coming onto the market.Prices are still 4.5% up on the previous year and 8% higher than the low point of April 2009, but the market has slowed down in recent months. According to the chief economist at Nationwide, it would have been difficult for the housing market to maintain it momentum from 2009, and that it would be good for house prices not too race away from the economic fundamentals.
The number of new buyers making enquiries fell at the start of the year and home loan lending fell by 32% in January, all helping to keep prices lower.
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