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Land Registry: House prices fell 0.3% in February

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Published on Mar 31, 2010

House prices in England and Wales fell by 0.3 per cent last month compared to January, according to the latest figures from the Land Registry.

However, the annual rate of inflation in property values was in positive territory for the fourth month in a row, with prices up seven per cent compared with February 2009.

Overall, nine regions of England and Wales recorded a rise in the average cost of a house in the last year, with London experiencing the biggest increase at around 12 per cent.

The Land Registry put the average house price at just over £164,000 at the end of last month

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that the removal of stamp duty on properties worth up to £250,000 for first-timer buyers will put "renewed upward pressure" on house values, although this will be partly offset by an increase in the number of homes coming on the market.

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