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Bristol Post
Bristol Post
National
Claire Miller & Daniel Chipperfield

Bristol house prices fall for first time in seven years

House prices in Bristol are falling for the first time in more than seven years.

Average prices in Bristol dropped by 0.2% in the year to February.

This was down from a 1.2% increase in prices in the year to January.

This was the first annual drop since the year to December 2011, when prices fell by 0.4%, according to the figures from the Office for National Statistics.

The average price of a home in Bristol in February this year was £276,220, compared to £276,788 a year before.

Figures released this morning show average house prices in the UK increased by just 0.6% in the year to February, down from 1.7% in January 2019.

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This means the average UK house price was £226,000 in February, just £1,000 higher than a year ago.

This is the lowest annual rate of growth since September 2012 when it was 0.4%.

On a seasonally adjusted basis, average house prices in the UK decreased by 0.4% between January 2019 and February 2019.

Since June 2016, there has been a slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.

London saw prices fall by 3.8% over the year to February, down from a 2.2% decrease in January. This was followed by the South East where prices fell 1.8% over the year.

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House prices in Scotland fell by 0.2% in the year to February, down from a rise of 2.4% in the year to January, with the average house price in Scotland now £146,000.

House price growth was strongest in Wales, increasing by 4.1% in the year to February with the average house price at £160,000.

This was followed by the North West, with prices increasing by 4.0% in the year to February, and the West Midlands (2.9%).

While London house prices are falling over the year, the area remains the most expensive place to purchase a property at an average of £460,000, followed by the South East and the East of England, at £316,000 and £290,000 respectively.

The North East continues to have the lowest average house price at £125,000 and is the only English region yet to surpass its pre-economic downturn peak.

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