DCLG: House prices fall 1.4% in January
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices fell by 1.4% in January compared with December, with the average UK home costing £208,552.
On an annual basis, house prices are now 0.5% lower – compared with 3.8% in December – the eighth month in a row in which the annual rate of house price inflation has declined.
The data from the DCLG data is based on mortgage completions figures collected by the Council of Mortgage Lenders (CML).
Last week, the Council expressed fear for a further downturn after mortgage lending plunged in January.
Meanwhile, most analysts expect house prices to fall by around 5% in 2011.