In the month of February, the average house price in the UK was down by 0.1 per cent, according to government figures.
Statistics revealed from the Department for Communities and Local Government (DCLG), found that house prices in UK fell from £205,399 in January to £205,102 a month later.
Regardless of the fall in house prices, the year-on-year rate of property value growth stepped up to 12.1 per cent, as compared to 10.9 per cent in January.
The DCLG said, "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."
"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.
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February house prices down
Wed, 18 Apr 2007
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