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Commenting, Martin Ellis, housing economist, said:
"House prices fell by 1.5% in February, the first decline since June 2009 following seven consecutive monthly increases. Despite this fall, the average price is 8.0% above the trough reached in April 2009.
There has been a decline in the underlying rate of house price inflation – measured by a comparison of the latest three months with the previous quarter – over the last few months. An increase in the number of properties available for sale has helped to reduce slightly the imbalance between supply and demand. At the same time, 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. The combination of these factors appears to have helped to curb the upward pressure on house prices."
Key facts
• House prices fell by 1.5% in February. This was the first decline since June 2009 following seven consecutive monthly increases.
• Prices in the three months to February were 1.8% higher than in the preceding quarter. This compared with a 3.2% increase on the same basis in January.
• House prices in February were 4.5% higher on an annual basis. This was the largest increase in the annual rate of change - measured by the average for the latest three months against the same period a year earlier – since January 2008. The annual rate increased from 3.6% in January despite February's monthly fall, partly because February's decline was lower than the decline in February 2009.
• Prices are 8.0% above the low reached in April 2009; an increase in the average price of £12,367 over this period. This follows a decline of 23% between August 2007 and April 2009. The average house price is now £166,587.
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