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House prices fall £31,000 year-on-year

The average house price has fallen by over £31,000 over the last year, figures from Nationwide reveal.

The latest Nationwide House Price Index for February shows that the average property has fallen in value to £147,746 compared to £179,358 this time last year, a difference of £31,612.

During February house prices fell by 1.8%.

Fionnuala Earley, chief economist at Nationwide, says that new buyer enquiries are yet to translate into sales, but falling prices and interest rates are stirring up buyer interest.

She adds: “While lower interest rates alone will not lead the housing market to suddenly pick up, more affordable loans will provide support for both new and existing borrowers in the weak economic environment.

“It is too early to say that the market has reached its trough, given the economic recession, but falling house prices and interest rates have made the situation for borrowers today much easier than it might have been.”


Alliance & Leicester reduces rates

Alliance & Leicester is reducing its rates by up to 0.2% and the fees by £300 on its two, three and five-year fixed rates from today.

House buying process moves online

Online estate agents Get-Set-Go have teamed up with Email Mortgages to allow buyers and sellers to find properties and arrange mortgages online.

Buy-to-let lenders will need government help

The Intermediary Mortgage Lenders Association has warned that buy-to-let lenders will not be able to cope with demand unless they are able to access government support.


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