Nationwide: House prices dip in January
The latest house price index from the Nationwide Building Society has revealed a 0.1% fall for the month of January compared with December.
The latest fall means house prices are now 1.1% lower than this time last year with the average UK home costing £161,600.
According to Nationwide’s chief economist Robert Gardner, the outlook remains uncertain and the lack of buyers, together with the ongoing lack of mortgage availability, means house prices are likely to continue to slide.
House prices came under pressure during the latter of half of last year as a high level of instructions outstripped buyer demand.
The prediction for house prices in 2011 is for a slight fall as demand for housing is expected to stay weak as a result of the uncertainty surrounding the economy and the Government’s massive spending cuts.