Rising UK house prices continue to dominate the headlines. But there is one place in Britain where homeowners said that they hadn’t see a boost over the last month.
According to the Knight Frank/Markit House Price Sentiment Index (HPSI), all of regions across Britain, apart from Scotland, said they saw the price of their property rise in February.
Out of the 1,500 households surveyed, around 19% said that the value of their home
rose over the last month, while 6% reported a fall.
This is the first time any region in the UK has reported a fall in perceived house prices in 18 months.
However, the overall index still garnered a reading of 56.5. A HPSI reading over 50 denotes growth. The index is now into its 23rd consecutive month showing a reading above 50.
“UK house price sentiment continued to cool in February, with both the current and future property value indices falling further below the peaks seen in 2014,” said Tim Moore, senior economist at Markit in the report.
“Despite a sustained retreat in recent months, the latest survey indicates that overall house price sentiment remains at an elevated level by historical standards.”
The HPSI reading usually coincides with official government data, as well as other industry benchmarks, on British house prices.
Moreover, Moore added that “around six times as many UK households forecast a rise in their property value during the year ahead as those that expect a decline. Improving mortgage availability, rising consumer confidence and a reduced likelihood of impending interest rate rises all look set to support UK property prices over the course of 2015.”