Property Market Update – February 2024
The UK Housing Market: House Prices Continue to Fall for the Third Consecutive Month
The UK housing market is currently experiencing a sharp decline, with house prices falling for the third consecutive month. According to the Office for National Statistics (ONS), house prices dropped by 0.3% between January and February. This is in addition to the fact that the average house price grew by only 5.5% in the year to February, which is significantly lower than January’s figure of 6.5%. This is the smallest increase since October 2020.