House prices fell by 1.8% in February, says the latest report from Nationwide, bringing the average price of a property to £147,746, down 17.6% from this time last year and under £150,000. Cuts in interest rates have helped affordability, Nationwide adds, but this has not yet kickstarted confidence in the market.

‘Early signs of increased interest in housing, as reported by the pick up in new buyer enquiries, have yet to filter into sales, but do suggest that falling prices and interest rates are raising curiosity now, which could flow through quickly once confidence does return,’ said Fionnuala Earley, Nationwide’s chief economist.

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