House prices continuing to fall, says Nationwide


Thu 31st Jan, 18:24:08 GMT

House prices fell for the third month in a row in January, new research has revealed.

According to Nationwide, the average price of a home in the UK dropped from £182,080 in December to £180,473 this month, a fall of 0.1 per cent.

The firm also revealed that annual house price inflation also dropped, falling from 4.8 per cent in last month to 4.2 per cent.

Martin Gahbauer, Nationwide''s senior economist described the fall as "modest", commenting: "The weakening trend in house prices during the last three months is consistent with the loosening in housing market conditions that has become increasingly evident in the data."

David Stubbs, senior economist at the Royal Institution of Chartered Surveyors, said the the figures "confirm the continuing slowdown in the UK housing market".

"With activity weak, the market is becoming looser and tilting the balance of power away from sellers and towards buyers."

Mr Stubbs cautioned that despite this, increasingly tight lending criteria being imposed on first-time buyers would need to change if they "are going to be able to get their foot on the ladder in coming months".ADNFCR-1143-ID-18449813-ADNFCR


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