House prices fell in February
House prices across the UK fell by 0.1 per cent in February, according to government figures.Statistics from the Department for Communities and Local Government (DCLG) show that the average UK house price fell from £205,399 in January to £205,102 a month later.Despite the slip the year-on-year rate of property value growth accelerated to 12.1 per cent, up from 10.9 per cent in January, however.The DCLG said that price falls for bungalows, terraced housing and detached houses all contributed to the February slip, while the regions with the slowest growth rates were the Midlands, the north-west and Yorkshire and the Humber.Experts have played down the significance of today's figures, claiming they do not reflect the current strong conditions of Britain's residential property market because they are not up-to-date."There are limited signs at best that house price inflation is beginning to slow and prices currently remain pretty elevated," Howard Archer of research firm Global Insight said."Despite the tentative signs that housing market activity may have peaked and buyer interest is beginning to wane, an acute shortage of properties means that pricing power is still largely in favour of the vendor in many areas," he explained.
Share this..
Related stories
Is George Osborne heading down the Irish route?
News that the Irish credit rating has been reduced by Moody's was not necessarily a surprise to investors but it does place the UK economy on a similar path. Despite the fact that the Irish authorities introduced various austerity measures some time ago the financial structure of the Irish setup has been weakened, hence the reduction in the credit rating. So is the UK really on a similar path?...
Read MoreConstruction sector concerned about the future
Morgan Sindall, a prominent operator in the UK construction industry, has today issued a statement suggesting that government cuts in construction could be as much as 35% to 40%. Despite the fact we have seen no concrete guidance from the UK government the company believes that school building, road building and housing developments will be cut back drastically over the next few months. While many...
Read MoreAnother rates rise on the cards
The Bank of England has hinted that interest rates may have to rise again, if inflation is to be brought down to two per cent.The latest Quarterly Inflation Report said a rise in interest rates would help to curb the rate of inflation, which is predicted to grow because of more expensive oil prices and the impact of flooding on food prices. The report suggested that inflation could come back down...
Read MoreRetail sales rise discounted by markets
News that UK retail sales grew by 1.2% between July and August has been largely discounted by the financial markets which have more important things to worry about in the short term. The figures have been certified by the Office for National Statistics who claim that unexpectedly high sales of clothing and footwear are behind the rise. But where is the money coming from?
Whenever...
Sir Philip Hampton takes over at Royal Bank of Scotland
Sir Philip Hampton has been installed as the new chairman of the Royal Bank of Scotland or as many would see it, an enforcer for the government, which has taken a significant stake in the business. This is the latest in a long line of employment positions which Sir Philip has taken over the last few months including the chairmanship of Sainsbury.
The government is very keen to use i...