The latest housing report from Halifax – the UK’s biggest mortgage lender – has shown that house prices are continuing to fall.

According to their 3 monthly house price index (for the months of December, January and February), house prices across the country were 1.1% lower than compared to the previous 3 months. Meanwhile their annual price index has shown a 1.9% drop in property prices compared to the same time last year.

“Overall, prices nationally are at broadly the same level as last spring. This stability in prices is explained by the fact that market conditions have changed very little over this period with demand supported by low interest rates and supply remaining tight.” Martin Ellis – Halifax housing economist.

 

These figures, however, are in contrast to Nationwide Building Society – who released their own figures showing a 0.6% increase in house prices for the same period. Nationwide put this increase down to first time buyers trying to purchase a property before the stamp duty exemption is lifted on 24 March