Qualified advisers answering your
Financial Questions
call 0800 092 1245

House prices 'fall 1.6 per cent'

House prices fell by 1.6 per cent in February, new government figures reveal.The new report, from the Department of Communities and Local Government, also showed that the annual rate of property inflation was down to 6.7 per cent.This forms a 1.3 per cent drop from January's figure - and is indicative of the difficulties buyers are having with securing a mortgage in the credit crunch.Overall, the average cost of property in the UK for February was found to be £217,737.Analysts forecast an overall drop in house prices of up to ten per cent in 2008, the Times reports.Speaking to the newspaper, Global Insight economist Howard Archer said: "The likelihood of a sharp house price correction will also rise if both sellers and buyers start expecting it to happen, which is becoming a very real threat given all the current high profile bad news about mortgages and the housing market."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details