House prices down 1.8% in Feb

The fall follows a decline of 1.3% in January, with prices now down 17.6% over the past 12 months, according to the latest house price index. Fionnuala Earley, chief economist at Nationwide, comments: "Sharp cuts in interest rates have helped affordability, but have not yet affected housing market confidence sufficiently to boost the levels of new transaction activity or slow the pace of house price falls. "Early signs of increased interest in housing, as reported by the pick up in new buyer enquiries, have yet to filter into sales, but do suggest that falling prices and interest rates ar...