CPS Homes

Nationwide reports a 1.8% decline in house prices in February

After Halifax’s last months report that house prices had increase, Nationwide have released February’s figures that show house prices on a nationwide average have dropped by 1.8% in February.

However, Nationwide have stated that the cuts in interest rates have made mortgage repayments cheaper for some, and whilst this hasn’t been shown in increased sales, it has seen an increased curiosity in the market meaning that once confidence returns to the marketplace that sales could pick up rapidly.

CPS Homes brought you the news that the mortgage approvals had increased in January, although it is important to note that this figure is substantially lower than last year.

Whilst it is impossible to predict where the trough of the market lies, there is certainly speculation that the end of the decline is within sight, and experts are predicting that once the economy stops shrinking, that house prices with start to recover.

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26 February 2009

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