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More house price gloom in February

The Nationwide Building Society survey into UK house prices has revealed a further fall of 1.8% in February as lower interest rates and lower house prices have a minimal effect on the UK property market. The average UK home has fallen in value by over 17% during the last 12 months which equates to £31,000 for an average price in the region of £147,000. More alarmingly for those who acquired their properties at the peak of the housing boom, the fall in the value of their properties is now in the region of 20%.

While there have been some signs of slight improvement in the housing market over the last few days these figures perfectly reflect the difficulties homeowners are experiencing in the UK. Many are struggling to keep pace with their mortgage payments, seeing the value of their homes diminishing amid concerns about their short to medium-term income. Even though UK base rates have fallen to record lows, with the suggestion they could fall to 0%, so far this has had a minimal impact on the doom and gloom of the UK property market.

While it will take some time for the recent changes in interest rates to kick in, there are concerns that investors are sitting on the sidelines and sellers are literally happy to dispose of their properties at "any price".

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