UK House Prices Fall by 0.2% in February – Hometrack

UK House Prices Fall by 0.2% in February – Hometrack

The latest report published by Hometrack on Thursday, March 3rd, suggests that UK house prices fell in February.

This marked the 8th consecutive month of house price falls. Interestingly enough, February was the first month in the past 3 quarters when demand from buyers increased.

The month-on-month decrease in UK house prices amounted to 0.2%, down from 0.5% in January 2011. The annual fall in property values stood at 2.7%.

House prices in London remained unchanged on both, monthly and annual basis.

The number of new properties entering the British housing market rose by 7.5%, whereas the demand from buyers grew by 14.7%.

Commenting on the findings, Mr. Donnell of Hometrack, said that demand is expected to further increase in March, whereas house price falls might also occur.

The report by Hometrack was based "upon responses from 5,100 agents and surveyors across all 2,300 postcodes in England and Wales."

A similar report published earlier y Nationwide Building Society revealed that house prices increased by 0.3% in February 2011.