House prices in the United Kingdom dropped 12.3% year-on-year in February, after falling 11.5% in January, a report by the Department of Communities and Local Government or the DCLG said Wednesday. Month-on-month, house prices declined 2.7% in February.
In February, the mix-adjusted average house prices dropped to GBP189,813 from a revised GBP195,085 in January.
Region-wise, house prices fell 12.4% in England, 12.5% in Wales, 8.6% in Wales and 19.4% in Northern Ireland.
Annual average house prices paid by first time buyers declined 15.1% year-on-year in February. At the same time, the average house prices paid by former owner occupiers declined 11.2%.
In the quarter ending February, house prices slipped 4.8% compared to a 4.3% fall in the quarter ending November.
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