February sees house prices fall further
News Category: Industry News
Published: 29-Feb-2008
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UK property values decreased in February while house price inflation fell to its lowest annual rate since November 2005.
That is according to Nationwide which has published its latest monthly house price index today (Friday, February 29th), revealing that February saw a continuation in the property market slowdown.
House prices fell by 0.5 per cent over the month, with the annual rate of house price inflation decreasing from 4.2 per cent to 2.7 per cent.
Commenting on the figures, Fionnuala Earley, Nationwide's chief economist, said: "The trend in prices is clearly weakening, but the size of the drop in the annual rate between January and February perhaps overstates the rate of cooling as it partly reflects the particularly strong increase in prices in February last year.
"The three-month on three-month rate of price growth rate fell to minus one per cent in February, down from -0.4 per cent the previous month."
The average UK house price now stands at £179,358.
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