UK House prices fell 1.4% in January



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Property

The Department for Communities and Local Government revealed that house prices fell 1.4% in January compared with December.

The result, which gives an average across the country, was not so uniform across different regions, with the East of England seeing a 2.8% increase, by Yorkshire and the Humber seeing a 3.6% drop in prices.

Research also showed that mortgage availability is still low, making it very difficult for potential buyers.

The average house now costs £208,552, signalling a year on year increase of 0.5% across the board. Again regional variances were evident, with England up 1%, but Northern Ireland down 14.1%, Wales by 1.8% and Scotland down 3.2%.

“At best, the market will remain flat this year, at worst it is heading for further falls, especially in areas where unemployment is rising sharply,” said Nicholas Ayre, a director of Home Fusion buying agents.

“As ever, expect sharp variations from region to region. In the property market right now, the negatives far outweigh the positives and in some areas, especially those overly reliant on public sector jobs, there are very few positives at all.”

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