House prices fall 0.9% in February

February saw a 0.9% decline in UK house prices, more than offsetting an increase of 0.8% in January, according to a study.

Figures released by Halifax revealed a 2.8% fall in property prices during the quarter to the end of February, in comparison with the same period last year - the biggest annual decline since October 2009.

A drop in demand from potential homebuyers is largely responsible for the fragile housing market.

The figures contributed to the rise and fall pattern of the property market, with house prices increasing during one month and declining during the next.

The three-month-on-three-month measure highlighted a 0.4% fall in house prices. This indicates that prices are moving steadily downwards but at a slower pace than seen during the final quarter of 2010.

The drop is also well down on quarterly falls of 5% and 6% recorded during the second half of 2008.

House prices remain under pressure due to a lack of demand, as people delay moving home in the face of the uncertain outlook for both the property market and the wider economy.

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