Insurance News Archive

House prices fall by 0.8% in January

Average house prices fell by 0.8 per cent in January compared to the previous month and decreased by 15 per cent from 2008, it is reported.

The figure now stands at £156,758, which is a decline of almost £28,000 compared to last January, Land Registry statistics show.

Year-on-year values in London have fallen every month for nearly a year-and-a-half, following consistent increases between December 2005 and August 2007.

The average price of a house in the capital is now £306,183, which is a 14.1 per cent decline compared to January 2007.

Wales saw the biggest drop in monthly values, falling by 8.8 per cent from December's prices, while the south-west had the next largest decline at 1.4 per cent.

In terms of property type, flat prices decreased the most, falling from an average £175,776 in 2008 to £145,384 this January, which is a drop of 17.3 per cent.

This month, Nationwide reported that UK house prices declined by 17.6 per cent over the last 12 months.

27 Feb 2009