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Market beginning to stutter
The UK housing market stuttered in February, with the average house price falling by 0.3 per cent. The month-on-month decline took the typical property price to £196,469, with annual inflation at 4.2 per cent. Looking at the three months to February, average house prices increased by 0.2 per cent and Halifax remains confident that the housing market remains robust.
Martin Ellis, chief economist at the firm, said that strong underlying fundamentals will continue to support the market throughout 2008. "Over the past year, the average price of a home in the UK has increased by £4,390 to £196,649," he commented. "Whilst the housing market has slowed over the past six months, it is supported by sound economic fundamentals. "Interest rate cuts by the Bank of England are also helping to underpin house prices," added Mr Ellis. The latest Nationwide house price report revealed that the average price of a property in the UK housing market fell by 0.5 per cent in January.
