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House prices fell in January

House prices fell in January

Category: Mortgages

Updated: 13/03/2012
First Published: 13/03/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices in the UK registered a fall in January, although they are still improved from 12 months ago.

Prices fell by 0.7% in the month, but rose 0.2% annually, figures from the Department for Communities and Local Government show.

Figures from the Government give a more rounded picture of the housing market compared with house price indices from providers, which only take their mortgage data into account.

At the end of January, the average house price in the UK was £206,523.

There are large differences in house prices depending on location; average prices in January stood at £214,852 in England, £143,441 in Wales, £158,868 in Scotland and £133,156 in Northern Ireland.

London remains the English region with the highest average house price (£349,178) whilst the North East has the lowest average price at £129,501.

In England , southern regions including London and the South East all had average prices above the UK average in January

Excluding London and the South East, the average UK price in January was £168,268, a decrease of 1.3% over the year.

England was the only country in the UK which has seen an increase in house prices over the last 12 months, albeit by just 0.4%.

By contrast, average prices decreased by 0.5% in Wales and 1.7% in Scotland . But it was Northern Ireland that saw the steepest decline, with prices dropping by 7.6%.

With first time buyers racing to beat the stamp duty holiday, the data showed that they paid 0.8% more for their new homes in January, with the average buyer paying just over £153,200.

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