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The British real estate prices fell unexpectedly in February when an increase in real estate sales through a tax vacation came to an end, according to mortgage loan.
From January, the average British house price fell by 0.1 percent from January to 298,602 GBP, said Halifax. The average price increased by 2.9 percent annually and the same price as January.
The price changes were among the forecasts. Economists surveyed by Reuters had predicted growth of 0.3 percent per month and an annual increase of 3.1 percent.
Amanda Bryden, mortgage manager at Halifax, said the numbers showed a “sensitive balance” on the US house market and found the fading effects of a stamp tax vacation that had promoted sales. It is now only a little time to do purchases before the tax will be resumed in April.
However, she said that persistent demand and the continued lack of housing offer indicate that “real estate prices will continue to increase this year, although at a more measured pace compared to the previous year” – although higher interest rates have reached the affordability for many people.
In contrast to data on Friday last week from the nationwide mortgage loan last week, which indicates that the average real estate price in February rose by a monthly price of 0.4 percent more than expected.
When the Stamp Duty holiday ends next month, the first buyers will pay for purchases of £ 300,000 or more instead of currently 425,000 GBP.
The current stamp tax holiday was announced in September 2022 when the mortgage lenses rise quickly and exist until March 31.
