House Price recovery falters in February

According to Nationwide’s House Price Index, UK house prices fell by 1% in February, bringing to a halt their 9 month run of increases.

Nationwide’s chief economist, Martin Gahbauer, commented “There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather,”

He also cautioned that “At this stage, it is difficult to gauge how much of the drop in housing activity is attributable to one-off factors and therefore whether February’s fall in prices is just a temporary blip or the start of a new trend.”

Year on year, house prices are up 9.2%, with the average price of a typical property sold in the UK during February at £161,320.

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