UK property at same level as a year ago

UK property at same level as a year ago

The average UK house price slipped 0.5% in February but is at broadly the same level as last spring, lender Halifax said today.

The news suggests that the property market may be stabilising across the water.

The monthly fall to an average of £160,118 sterling offset January’s 0.6% improvement and meant prices in the three months to February were 1.1% lower than the previous quarter.

The UK lender, which last weekend announced it was increasing mortgage costs for 850,000 customers, said demand was being propped up by low interest rates and the limited supply of properties for sale.

Its housing economist, Martin Ellis, said recent signs that the UK will avoid slipping back into recession were positive for the housing market outlook.

“Overall, prices nationally are at broadly the same level as last spring. This stability in prices is explained by the fact that market conditions have changed very little over this period, with demand supported by low interest rates and supply remaining tight,” he said.

The Halifax said the average national house price was similar to that in April, when the price stood at £160,393.

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