UK Money News
29th February 2008
Property market dips in February
House prices are continuing to slowdown after years of dramatic growth, according to the latest figures from the Nationwide.
The lenders figures have hardened up the perception that the market is cooling, following a slew of data suggesting that the rate of growth is slowing up and even reversing in some areas.
With prices falling by 0.5 per cent on average, the fourth consecutive monthly decline, Nationwide's chief economist Fionnuala Earley said a pattern was emerging.
"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," she explained.
"The softening in UK house prices in February is not unexpected given the weakening trend in other housing market demand indicators," she added.
Yesterday data released by the Land Registry revealed house prices increased by just 0.9 per cent in January, putting the average house price at £186,045.
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