House prices down, trend uncertain
Nationwide’s atest house price survey shows house prices fell % in February compared with January, but this large drop is not sufficient to establish a reversal of the trend towards recovery.
There were two strong one-off factors affecting demand during the month: bad weather and the expiry of the stamp duty holiday.
Prices are up 9.2% year on year and the fall is smaller than the 1.5% fall last February.
That said, in the context of an economy that looks weak, these numbers do give us another reason to be bearish on house price. Watch next month’s numbers closely!
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