Halifax, the UK's largest mortgage provider, has revealed that cold weather at the start of 2010 and the end of the stamp duty holiday had a negative impact on demand for housing .
Martin Ellis, an economist for Halifax, explained that a rise in the number of properties available for purchase helped to reduce an imbalance between supply and demand.
In spite of this, house prices last month were still 4.5 per cent higher on a yearly basis, which is the largest increase in the annual rate of change.
Howard Archer, of IHS Global Insight, claimed reduced mortgage interest rates and more affordable prices, as well as a shortage of properties for sale were the key reasons behind the revival in house prices.
He said "The fall in house prices in February reported both by the Halifax and the Nationwide is supportive to our long-held view that house prices will be prone to corrections in 2010 and will probably be no better than flat over the year."
The Bank of England yesterday (Thursday, March 4th) announced that interest rates are to remain at 0.5 per cent.
Mortgage provider explains cold snaps impact on housing demand
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Mortgage provider explains cold snaps impact on housing demand
Fri, 05 Mar 2010
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