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Hometrack: Prices fall, but demand grows

House prices in England and Wales have fallen by 0.2 per cent during February, according to research from Hometrack.

This marks the fifth monthly decline in a row, bringing the average cost of a home to £174,000.

However, there were signs that market conditions are improving - with Hometrack marking an increase of new buyers registering with agents of almost eight per cent.

By way of comparison, last month a fall of 11.5 per cent was found in this area.

The amount of home sales also climbed slightly this month.

Richard Donnell, director of research at Hometrack, said: "In the wake of the credit crunch, demand for housing fell…but the latest Hometrack survey shows a small yet important turnaround in demand over February.

"The modest increase in new buyer registrations is evidence of firming demand, largely on the back of recent interest rate cuts, with London and the south-east registering the largest increases in demand."

In January 2008 and December 2007, price falls of 0.3 per cent were registered by previous Hometrack reports.

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