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House prices fall by 1.4% in January

House prices fall by 1.4% in January

Category: Mortgages

Updated: 16/03/2011
First Published: 16/03/2011

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House prices fell by 1.4% in January compared with the previous month, figures from the Government show.

The fall comes despite an average rise of 0.5% in prices during the 12 months to January, leaving the average price of a property in the UK at £208,552.

While the figures from the Department of Communities and Local Government give an overall figure for the UK, figures for each individual country show a mixed picture.

The average house price in England at the end of the first month of 2011 was £216,304, in Northern Ireland it was £147,892, in Scotland £165,078, and in Wales £145,744.

London remains the English region with the highest average house price (£342,642). The North East has the lowest average price at £132,195.

In England, the East of England, London, the South East and South West all had average prices above the UK average in January.

Excluding London and the South East, the average UK price in January was £172,468, a decrease of 0.6% over the year.

Across the whole of the UK, prices paid by first time buyers were 1.5% higher on average than a year earlier, whilst prices paid by former owner occupiers increased by 0.1%.

The average price of a first time buyer home was £153,608 over the 12 months to January, while former owner occupiers paid an average sum of £242,425.

There was also a large difference between prices paid on new properties compared with older dwellings.

Prices for new homes increased by 8.6% compared with a year earlier, while older properties saw a mere 0.1% rise.

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