Report reveals decrease in house prices

House prices in the UK have fallen for the first time in seven months, a new report has revealed.

According to the latest House Price Index from the Halifax building society the average property price fell by 1.5 per cent in February.

The figure represents the first decrease in the index since June last year.

However, one expert has urged homeowners not to worry as it is still too early to predict a new trend in falling house prices.

Paul Collins, editor of BuyAssociation.co.uk, said: "Anyone who throws in a prediction at the moment is really just guessing.

"There are so many variables which will lead to a great deal of uncertainty in the market. The possibility of an election and a hung parliament is particularly bad news. Adding to that is the likelihood that interest rates are going to go up – and again nobody knows when or by how much."

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