Government figures show 11.5% decline in house prices

| March 18, 2009 | 0 Comments
Government figures show 11.5% decline in house prices

The Department for Communities and Local Government (DCLG) has released its UK house price statistics for January, based on mortgage completions during the month.

The figures show the average cost of a home falling 11.5% since January 2008, to £195,724.

However, the decline in prices eased during the three months to the end of January 2009, with the value of the average property down 3.9% during the period, compared with a fall of 5.2% during the previous quarter.

According to the data, the average cost of a home actually rose by 0.2% during January, with detached properties showing an increase of 4.9%.

On a regional basis annual average house prices falls are as follows for the year to the end of January: England 11.8%; Wales 10.4%; Scotland 6.3% and Northern Ireland 14.3%.

Average house prices fell in five of the nine English regions during January, creating annual declines as follows:

West Midlands 9.3%; East Midlands 14.1%; North East 9.8%; Yorkshire and the Humber 10%; North West 10.5%; East 11.3%; South East 11.6%; South West 11.7% London 13.9%.

Finally, first-time buyers paid an average 15.4% less for purchases made during January 2009, compared with a year earlier and former owner occupiers paid 10% less.

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