House prices fall back 0.2%

The drop follows what had been a very strong start to the year with January seeing a 1.5% increase in house prices. The average house price in the UK is now £158,578, 3.7% higher than at this time last year, says the lender. Greg Fuzesi, Nationwide's Senior Economist, says: “As we enter the all-important house buying season in March, the prospects for both house prices and interest rate policy will become clearer. It will also show whether February’s fall is just a pause before the spring rush or the first sign of weak market fundamentals weighing down on prices. We expect the weaker eco...