House prices fall 2.8% year-on-year

 

 

House prices fell by 2.8% over the the year to February, according to the Halifax – the biggest annual fall since October 2009.

 

The bank reported a monthly change of -0.9% in house prices and a quarterly change – lenders' preferred measure – of -0.4%, leaving the average house price at £162,657.

 

But Martin Ellis, housing economist for the Halifax, downplayed the falls saying there had been little change in house prices over the first two months of 2011, with this month's 0.9% fall offset by January's 0.8% gain.

 

“Overall, we expect a modest 2% decrease in house prices in 2011. Uncertainty over the economic outlook is likely to weigh down on housing demand this year,” he said.

 

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