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Home prices in the United Kingdom slid by 1.5% in February, according to figures from two of the UK’s biggest banks. This follows seven monthly rises in a row.

 But at the same time, the annual rate of change, which is a comparison of the median price for the prior 3 months with that of the same period Twelve months ago, showed the biggest increase since January 2008, and stood at 4.5%. The average UK property is now worth barely over £165,000, a dip of almost £2,500.

 The latest fall in Brit house prices has been accredited partly to the snowy weather at the start of the year, and also to the end of a stamp duty  holiday for some properties, which means that this tax has become payable again on properties worth £125,000 or even more.

Current UK house prices are far away from the level they topped at in the summer of 2007. Indeed, between Aug 2007 and spring last year, they dropped by almost 1 / 4. However, since early 2009 there has been a modest overall increase of around 8%, attributable to low interest rates, a deficit of homes up for sale and improved affordability.

But the start of 2010 in addition has been marked by major changes in supply and demand in the housing market. And there are prospects that the latterly improved market conditions have inspired more homeowners to put their properties on the market.

Due to this, the quantity of properties available for sale increased for the 2nd successive month in January. Some commentators are commending that this increased supply, combined with the bad weather and modified stamp duty  rules, played a part in halting the upward march of British house prices last month.

 Similarly, some financial consultants are advocating that there may be further falls in house prices in the uk in the months ahead. Despite predictions the Bank of England will keep IRs low until next year, the actuality is that, whatever the IR, low takings expansion, high unemployment and tight credit conditions will limit home price increases in the near future.

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