Mortgage lenders says house prices fell by 1 per cent in February
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."