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Financial News: UK House Prices Fall For Second Month In

UK House Prices Fall For Second Month In February

03/05/2021 - 03:44:00 (RTTNews)

(RTTNews) - UK house prices dropped for the second straight month in February, data released by the Lloyds Bank subsidiary Halifax and IHS Markit showed on Friday.

House prices fell 0.1 percent on month, but slower than the 0.4 percent decline seen in January. This was the second consecutive fall and confounded expectations for an increase of 0.3 percent.

In three months to February, house prices were 0.5 percent higher than in the previous three months. On a yearly basis, house prices advanced 5.2 percent, data showed.

The housing market has been at something of a crossroads at the start of this year, with upcoming events key to determining the path of activity and prices over the next few months, Russell Galley, managing director at Halifax, said.

The government's decision to extend the stamp duty holiday - one of the main drivers of demand from homemovers during the pandemic - has removed a great deal of uncertainty for buyers with transactions yet to complete, Galley added.

However, Galley cautioned that the level of growth seen in house prices over the past year cannot be sustained throughout 2021.

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