UK house prices fall, report shows

UK house prices fell by 0.5% between January and February, figures from the Office of the Deputy Prime Minister (ODPM) have shown.

The drop in prices, which saw the average house price in the UK in February fall to £179,491 from £180,465 in January, is smaller than the 1% fall reported in the same period last year.

However, annual house price inflation rose to 10.5% in February, an increase from 10% in January.

The highest inflation rates were reported in the North East, Yorkshire and the Humber (both 18.2%) and the North West (16.7%). In the West Midlands, the East Midlands and the South West inflation rates ranged between 10% and 13%. Inflation fell below 10% in the East and London and was lowest in the South East, where inflation fell from 5.3% in January to 5% in February.

The average house prices were reported to be £189,249 in England; £140,955 in Wales; £115,294 in Scotland and £119.596 in Northern Ireland.

The figures showed that England and Scotland saw a rise in annual inflation in February, while annual inflation fell in Wales and Northern Ireland.

Last week the Halifax reported that house prices increased by 0.5% in March, offsetting the 0.5% fall in February. However, their figures indicated that the annual rate of house price inflation was continuing to slow.

Halifax stated that there were "increasing signs that activity levels are now stabilising and house prices are broadly static at a national level".


Related UK National News Stories
Click here for the latest headlines.

20 April 2004
UK inflation rate falls to 1.1%
The latest figures on UK inflation has revealed a surprise fall taking the rate to 1.1%. The Consumer Price Index had been expected to show a slight rise, but today's figures showed a dip of 0.2% on the February figure of 1.3%.
02 October 2008
House Prices Fall By 1.7%
UK house prices dropped by 1.7% in September leaving the average property costing £161,797 according to figures by the Nationwide Building Society. Overall house prices have fallen 12.4% in a year, however Nationwide said prices will continue to drop in short term but longer prospects are more sound.
13 August 2007
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
12 December 2005
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
13 June 2005
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.