House prices fall in the North East

House prices saw a national uplift for the first time in nine months in February but fell by 0.2% in the North East, figures suggest.

In the North East and Yorkshire the number of new buyers registering with agents rose by less than 5% over February, way below the 14% national average.

Hometrack said it is unclear whether this was due to the recent bad weather or if it is a more serious sign of weak levels of demand from would-be buyers.

Prices increased by 0.1% month-on-month across England and Wales, marking the first upturn since May last year.

The market saw a seasonal bounce back in activity in February across the country, with a 14% increase in new buyers registering with estate agents and an 8.7% rise in the number of new homes listed for sale.

"Prices remain under downward pressure in northern regions where the trend is tipped towards price falls."

– Richard Donnell, director of research at Hometrack

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