Following nine months of consecutive house price increases, a major UK mortgage lender has revealed that house prices actually fell by 1 per cent during February. However, despite the mild drop, house prices are 9.2 per cent up on this time last year.
The data was released by Nationwide Building Society, the third largest mortgage lender in the UK. The chief economist of Nationwide, Martin Gahbauer, claimed that the end of stamp duty suspension and poor weather were to blame for the fall.
He reportedly commented: "New buyer inquiries dropped sharply in the New Year and there was also an associated drop in the number of new mortgages taken out by home buyers in January. This drop in demand seems to have fed into agreed prices during February."
Mortgage lenders says house prices fell by 1 per cent in February
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Mortgage lenders says house prices fell by 1 per cent in February
Fri, 26 Feb 2010
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