UK house prices fall for first time in 10 months

Published: 7:54AM GMT twenty-six February 2010

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Despite Britain"s deepest peactime retrogression given the 1930s, residence prices are 9.2pc stronger than they were twelve months ago Photo: PA

The normal cost of a home forsaken by 1pc on the month to �161,320, the ultimate total from Nationwide showed. The construction multitude pronounced that bad continue and the finish of the prejudiced legal holiday on Stamp Duty might assistance insist the decline.

Despite Britain"s deepest peacetime retrogression given the 1930s, residence prices are 9.2pc stronger than they were twelve months ago, and Nationwide pronounced that it would be startling to see them means the convene this year.

House prices some-more than stand in in second home hotspots House prices tumble to Apr 2004 levels, says Nationwide House prices tumble again after spark of goal UK workers pursuit fears jumped in March, says Nationwide House prices to tumble a serve 36pc UK residence prices dump as economy stares in to endless hole

"In light of low expansion in domicile incomes and towering levels of unemployment, residence prices were commencement to move forward of the liberation in ubiquitous mercantile conditions," pronounced Martin Gahbauer, Nationwide"s arch economist.

The housing marketplace has been one of the arch beneficiaries of the shell of measures unleashed by the Bank of England and the Government to assistance ease the recession. But conjunction Nationwide nor Halifax expects prices to sojourn on an ceiling march this year. This week Kate Barker, a part of of the Bank of England"s Monetary Policy Committee, cautioned that there might be serve composition in prices given that debt lending stays comparatively weak.

"Given the monthly sensitivity of residence prices, it is critical not to infer as well most from one month"s figures," pronounced Howard Archer, an economist at Global Insight. But "the actuality of the make a difference is that the residence cost rises that have been seen given early 2009 are out of kilter with the altogether mercantile fundamentals", he said.