They will carry on their slow downward spiral until a peak to trough fall of nearly a third (30 per cent) is seen, commented Paul Holmes, chief executive officer of property solutions firm Firstrung.
“I think this probably signals a decline of another 15 per cent if you play it out over the next 14 to 18 months ,” he explained.
This would be good news for first-time buyers still wanting to get on to the property ladder and struggling to save up a deposit or secure a mortgage, Mr Holmes continued.
Figures from Nationwide revealed house price falls of one per cent month-on-month in February. It suggested the decline was due to the winter weather and expiry of stamp duty holiday, saying it is too early to say whether the fall is the start of a new trend.
