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UK house prices rise in February
Business digest: Housing market is ‘treading water’ after slight fall in January
House prices in the UK increased by 0.3 per cent in February, according to the Nationwide building society. Taken with January's slight 0.1 per cent drop, the housing market is being characterised as "treading water" rather than in decline as many had feared.
February's rise means that over the past year, the price of a home is down 0.1 per cent.
Robert Gardner, Nationwide's chief economist, said: "Demand for homes has levelled out, supported by historically low interest rates and some stabilisation in the labour market."
He also pointed out that the participation of first-time buyers in the housing market has returned to levels not seen since before the credit crunch in 2008.
Read a full report at the Financial Times.
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Great insight. I think it also depends on where you are regionally in the UK, as some regions have experienced an uplift in the property market, i.e. Cardiff, whilst in other areas, there has been in influx of properties and devaluation of property prices i.e. in Birmingham.
Today we also reported that there has been a dramatic drop of 200,000 new homes going through the planning system in the last 10 months, so this will also have an impact in the long-term on property stock levels during the next 18 months or so.