For the first time in the previous 10 months, UK based house prices have hit the road with steep fall in its earnings. This fact was revealed by the nationwide building society. As compared to January, the average property value has declined by 1% in the month of February. However the annual rate of increase has accelerated to 9.2%.

In addition, Nationwide commented that it's unfair to predict from this point of time that whether the fall in prices is tentative or the start of a new downward drift. The Chief economist of the Nationwide, Martin Gahbauer, apprehended that the price fall is an indicator depicting the lost momentum of the market. The market has crashed, as the stamp duty holiday ended and house hunters were thwarted by the frosty weather.

Further commenting, Mr. Gahbauer expressed, that the mortgage borrowers have expected the interest rates to play on a low note. Hence they were holding a variable rate home loans rather than fixed rate deals. The stamp duty threshold has also dropped back to £125,000 last month. All these factors have enforced a lack of buyer demand in the market and pulled the price of houses down.