UK Money News
25th February 2008
House prices fall but demand increases
New figures have revealed that house prices have fallen again but demand seems to be increasing.
Research by Hometrack revealed that the cost of property in England and Wales fell by 0.2 per cent for February, the fifth monthly fall in a row.
It added that year-on-year, the inflation rate now stands at 1.4 per cent - down on 2.3 per cent last month.
However, new buyer registrations rose by eight per cent for February - in London, the figure was 13 per cent.
Hometrack said this revealed signs of strengthening demand suggesting that market conditions might improve this year.
Hometrack research director Richard Donnell said: "The modest increase in new buyer registrations is evidence of firming demand, largely on the back of recent interest rate cuts," he counselled.
"In the wake of the credit crunch, demand for housing fell by 45 percent, but the latest Hometrack survey shows a small yet important turnaround in demand over February."
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