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UK house prices fall for fifth month in a row in February

UK house prices fall for fifth month in a row in February

British house prices fell for the fifth month in a row in February but there were signs that demand is beginning to increase on the back of lower interest rates, property firm Hometrack Ltd said Monday.
The average cost of a home in England and Wales fell 0.2 percent during the month to 174,400 pounds, according to Hometrack.
At the same time the annual rate of house price inflation continued its downward trend to stand at just 1.4 percent, its lowest level since April 2006.
But the group said despite the continued weakness in underlying prices, there were signs that demand was improving, with the number of new buyers registering with estate agents increasing by 7.9 percent during the month, compared with an 11.5 percent fall in January.
The group said there was also a slight rise in the number of sales agreed, which contributed to February's price fall being lower than the 0.3 slide seen during each of the previous two months.
The figures come after property Web site Rightmove reported a 3.2 percent jump in house prices in England and Wales in the four weeks to February 9.
"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," said Richard Donnell, director of research at Hometrack. "The modest increase in new buyer registrations is evidence of firming demand, largely on the back of recent interest rate cuts, with London and the South East registering the largest increases in demand."


Updated : 2021-06-25 21:55 GMT+08:00