House prices continue to fall: Haart

The average house price across the UK fell by 1.7 per cent between January and February, and 3.7 per cent in the year to February 2019, according to Haart.

The Haart housing market monitor found that the average first-time buyer house price also fell, declining 0.9 per cent from January to February, and 1.6 per cent in the year to February.

The report found that as of February 2019, the average UK house price was £219,975, and the average FTB house price was £173,347.

The number of sales month-on-month was down 8.1 per cent. However this number rose 6.8 per cent on a yearly basis.

Furthermore, buyer registrations rose 15.6 per cent from January to February, and 6.8 per cent in the year to February.

Haart chief executive Paul Smith comments: “We saw a modest monthly increase in new sellers coming to the market in February, 4.2 per cent, meaning we should see a further uplift in transactions in the coming months if we receive some level of economic and political stability.

“In February prices continued to correct across the country – falling by 5.4 per cent in London but significantly rising in the East and West Midlands – leading to overall price stagnation across the country.

“In the unlikely event that there is no Brexit at all, we would expect the immediate impact on the property market to be positive, but this would be for a limited period of time.”

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