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House prices in tiny fall in January

Simon Ward
by Lovemoney Staff Simon Ward on 01 February 2012  |  Comments 7 comments

Nationwide says UK house prices fell by 0.2% between December and January.

House prices in tiny fall in January

UK house prices fell by 0.2% in January, according to Nationwide’s latest House Price Index. However, they are 0.6% higher than they were in January 2011. The average UK house price is now £162,228.

Nationwide is keeping its cautionary stance on future house price movements, saying “prices are likely to continue to move sideways or only modestly lower in the months ahead”.

It says that finding a deposit is still the biggest hurdle for many buyers, even though the median deposit has fallen from 25% at the height of the financial crisis in 2008 to 20% now.

It forecasts something of a buyer’s market in the months ahead, subject to them being able to get finance, although it expects fewer houses to come onto the market. This echoes property website rightmove’s recent Consumer Price Forecast.

Property analysts Hometrack say that there has been a 23% drop in buyers registering with estate agents between August and January, which also suggests prices are going to go nowhere fast.

At lovemoney.com, you can research all the best deals yourself using our online mortgage service, or speak directly to a whole-of-market, fee-free lovemoney.com broker. Call 0800 804 8045 or email mortgages@lovemoney.com for more help.

More: No growth in house prices as buyers stay away | How to get a mortgage with a small deposit

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Comments (7)

  • Dustybertram
    Love rating 0
    Dustybertram said

    http://www.bbc.co.uk/news/business-16903022

    but up 0.6% according to halifax...

    Report on 06 February 2012  |  Love thisLove  0 loves
  • yocoxy
    Love rating 70
    yocoxy said

    Nick. Why May? Because in May 2009 you posted that you'd like us all to meet back here in three years to prove that prices have dropped 50%. They are currently up 7% since that date.

    What are you actually advocating? That we all sit around and blame someone else? Or revolution?

    I have a vested interest in looking after my family. I've worked hard in my career, changed jobs several times, worked away from home, saved hard, invested in my own home and a couple of buy to let's for my kids, paid into a pension and have some index tracker investments. I'm not unique or particularly lucky but I think my positive attitude is more likely to bring success than negative vitriol about how we're all doomed.

    Report on 07 February 2012  |  Love thisLove  0 loves

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