Date issued: 29 Feb 2008
HOUSE PRICE INFLATION FALLS TO 2.7% IN FEBRUARY
- House prices fell by 0.5% in February, the fourth consecutive monthly decline
- The annual rate of house price inflation fell from 4.2% to 2.7%
- UK recession “a remote risk for the UK economy”
| Headlines |
February 2008 |
January 2008 |
| Monthly index * Q1 '93 = 100 |
363.3 |
365.0 |
| Monthly change* |
-0.5% |
-0.3% |
| Annual change |
2.7% |
4.2% |
| Average price |
£179,358 |
£180,473 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“The price of a typical house fell by 0.5% during February, bringing the annual rate of house price growth down to 2.7%. This is the fourth consecutive monthly fall in house prices and brings the annual rate of house price inflation to its lowest since November 2005. The trend in prices is clearly weakening, but the size of the drop in the annual rate between January and February perhaps overstates the rate of cooling as it partly reflects the particularly strong increase in prices in February last year. The 3-month on 3-month rate of price growth rate fell to -1% in February, down from -0.4% the previous month. The average price of a typical property now stands at £179,358, an increase of £4,653, or £12.75 per day, over the last 12 months.“
For further information please see this month's full report (PDF - 71KB)
