Nationwide House Price Index released today shows that house prices fell by -1% last month after recording a good rise in January.
"There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather. New buyer enquiries dropped sharply in the New Year and there was also an associated drop in the number of new mortgages taken out by homebuyers in January." Martin Gahbauer, Nationwides Chief Economist
However in comparison to this time last year the index is up a massive 9.2% the biggest year on year growth since returning to positive figures.
In all honesty it is not surprising to see a re-adjustment and the strong upward momentum seen in 2009 was unlikely to continue with continued national and global economic pressures.
For more information visit: http://www.nationwide.co.uk/hpi/review.htm