03:31 ET<\/span>
\n<\/span><\/p>\nUK house prices fell by 0.9% in February compared with the previous month, cancelling out a rise in January, the Halifax has said.<\/p>\n
The lender, now part of Lloyds Banking Group, said that year-on-year prices had dropped by 2.8% in February.<\/p>\n
This meant the typical home in the UK now costs \u00a3162,657.<\/p>\n
The uncertain economic climate was likely to “weigh down” the housing market, leading to a modest fall in prices in 2011, the lender said.<\/p>\n
Trend<\/span><\/p>\nThe month-on-month fall offset the 0.9% rise in property values reported by the lender in January.<\/p>\n
However, the less volatile quarter-on-quarter trend showed a 0.4% drop in prices in the three months to the end of February.<\/p>\n
Martin Ellis, housing economist at the Halifax, predicted a “modest” 2% drop in prices in 2011, owing primarily to buyer and seller uncertainty.<\/p>\n
“Fewer properties have been coming onto the market in recent months,” he said. <\/p>\n
“This trend, if sustained, should improve the balance between demand and supply and help to prevent a more significant fall in house prices.”<\/p>\n
The Halifax uses a smoothed-out quarterly comparison to calculate annual house price changes. It recorded a 2.8% fall year-on-year in the three months to the end February, the biggest annual decline since October 2009. <\/p>\n<\/p><\/div>\n<\/p>\n
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