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"Housing market activity is very low compared to long-term norms"
- Howard Archer, chief economist at IHS Global Insight
U.K. house prices edged lower in February, said the Lloyds Banking Group Plc Halifax mortgage-lending unit on Tuesday. Prices fell 2.4 per cent to an average of 159,883 pounds.
"Despite the slight improvement in the underlying trend in recent months, house prices continue to lack real direction with the current UK average price little different to where it was at the end of 2011," said Halifax economist Martin Ellis.
"We continue to expect little overall movement in prices as the UK economic situation remains challenging," he added.
"Housing market activity is very low compared to long-term norms," said Howard Archer, chief economist at IHS Global Insight.
"And the economic fundamentals currently look worrying overall for the housing market with unemployment high and likely to rise further, earnings growth muted, and the outlook uncertain," he added.