House prices fall in February

House prices fell 0.9% according to the Halifax price index. This follows a rise of 0.8% in January.

The standardised average price of a UK home in February was a seasonally adjusted £162,657.

Commenting on the future prospects for the UK housing market Halifax's housing economist Martin Ellis said:

"Overall, we expect a modest 2% decrease in house prices in 2011. Uncertainty over the economic outlook is likely to weigh down on housing demand this year”


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