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House prices lose 1.6% in Feb

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Date: Tuesday 15 Apr 2008

LONDON (ShareCast) - Numbers from the Department of Communities and Local Government have revealed house prices slipped 1.6% during February.

That leaves annual house price growth at a 19-month low, down to 6.7% during the month from 8% in January.

The average price of a property sold in February fell to £217,737 from £221,278 a month earlier.

But first time buyers appear to be getting a better deal as their maiden purchase cost them 1.5% less, with the average price down to £160,338.

The biggest falls were seen in Wales and Northern Ireland, with annuals drops to 3.8% and 3.7% respectively. Growth in England eased to 6.6%, while Scotland slowed to 9.7%.