House prices 'higher than a year ago'

House prices in the UK fell during February but are still higher than they were at this point last year, it has been revealed.

According to the Halifax House Price Index, property prices fell by 1.5 per cent last month, making this the first month of decline since June last year after seven consecutive months of growth.

However, the average price of a home is still eight per cent above April 2009 figures.

The news comes shortly after the Land Registry revealed London property has increased in price by 10.5 per cent in the last year.

Such findings may mean that there are now increasing numbers of Britons looking for flats to rent in London borough of Fulham in Hammersmith & Fulham, or another part of the capital.

This accommodation is likely to be far more affordable than the equivalent property for sale in the city, with the Land Registry claiming the average house prince now stands at £336,212.

Commenting on the findings, Halifax economist Martin Ellis said: "The bad weather in the first two months of 2010, together with the return of the lowest stamp duty threshold to £125,000, are likely to have had an adverse impact on housing demand."

Written by Andy Britten

Published 5th March, 2010

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