Date Published 07 March 2012
House prices fell 1.9% year-on-year in February, with a monthly decline of 0.5% largely reversing the 0.6% gain made in January, says Halifax.
The average property price in February was £160,118 – 1.9% lower than February last year, and nearly 20% below Halifax’s average house price of around £200,000 at the height of the market in August 2007.
The Halifax report is also in slight contrast to Nationwide’s for February, which gave a monthly rise in prices of 0.6% and an annual rise of 0.9%. However, with Nationwide putting the average house price at £162,712, both were close to what the Land Registry has been reporting.
Martin Ellis, housing economist at Halifax, said: `Overall, prices nationally are at broadly the same level as last spring. This stability in prices is explained by the fact that market conditions have changed very little over this period, with demand supported by low interest rates and supply remaining tight.`
Halifax also said that for the second month running there was a rise in first-time buyers scrabbling to beat the end of the Stamp Duty holiday on March 24.