UK Money News
31st January 2008
House prices down 0.1% in January
UK house prices dipped very slightly during January but were still down for a third consecutive month, new data shows.
According to figures from Nationwide, the price of a UK property fell by a modest 0.1 per cent during the period.
The latest fall follows a dip of 0.4 per cent during November and brought the annual rate of house inflation down from 4.8 per cent to 4.2 per cent.
The average house price now stands at £180,473, down from £182,080 during the previous month.
Martin Gahbauer, Nationwide's senior economist, said: "The weakening trend in house prices during the last three months is consistent with the loosening in housing market conditions that has become increasingly evident in the data.
"Key indicators such as mortgage approvals and the sales-to-stock ratio have now fallen close to or even below the troughs reached in late 2004, a period that was followed by a year of very subdued price growth."
He concluded: "This undoubtedly signals a continued cooling in annual house price inflation during the months ahead."
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