House prices dip ‘slightly’ but values remain high

House prices dropped slightly for the second consecutive month in February, according to Halifax. The lender’s latest housing index shows that property values fell by 0.1% month-on-month in February, following a 0.4% decrease in January. However, across the UK, property values were still 5.2% higher in February than the same month last year, Halifax said. However, the bank cautioned that it would not expect the level of growth seen in house prices across 2020 to be sustained throughout this year. The average UK house price in February was £251,697. Russell Galley, Managing Director, Halifax, said the housing market has continued its “softer start to 2021” with average prices dropping off slightly compared to the previous month. He continued: "However, with annual house price inflation currently at +5.2%, property values remain comfortably higher than 12 months ago, when February was the last full month before lockdown.”

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