House price falls continue in most of the UK
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UK house prices rose 1.11% during 2011, according to Nationwide. However in inflation-adjusted terms, UK house prices were actually down by 3.4%, following a series of annual house price drops during the past three quarters.
There was a surge of first-time buyers in January 2012, with volumes up 22% from a year ago, according to the Council of Mortgage Lenders (CML). However, this was a reaction to the soon-to-be expiration of the first-time buyer stamp duty exemption in March 24, 2012 and is expected to wear off.
A key feature of UK’s housing market is location:
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