UK house prices down

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Nationwide has revealed a surprising downward trend in February house prices with the UK average slipping by 0.8%, representing an 8.1% increase since February last year...

Nationwides's divisional director David Parry said this latest figure "continues the steady downward trend since its peak of 17.5% in April 2000. This is in line with our forecast of 7% by the end of 2001." The average house price according to the Nationwide now stands at £83,314.

Parry attributed the February decrease to "reduced activity in London boroughs, and to falls in parts of Wales and Scotland", though he remained optimistic, adding: "With consumer confidence remaining relatively high, unemployment down to a million and a strong demand for good property, the housing market looks in good shape."

This unexpected drop contrasts sharply with their figures for January which showed a 2.5% increase, though this was hotly contested at the time by Halifax, whose own January figures showed a modest rise of only 0.1%. The Halifax will reveal the results of its own February survey next week.

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