House prices decline by smallest amount in six months
House prices declined in January by their smallest nominal amount in six months, emphasising the fact that price falls are slowing.
According to the Chesterton Humberts’ CEBR House Price Poll of Polls, prices fell by an average of just £2,818 in January, the smallest amount since July 2008.
This comes after market analysis published by the Halifax earlier this month (February) indicated that UK house prices lifted by 1.9 per cent in January.
According to Chesterton Humberts, the average price of a residential property in England and Wales is now £167,751 - down just 1.7 per cent from December.
However, while the rate of decline may have slowed, average house prices are now at their lowest level since September 2005.
In fact, annual house price falls have declined for the seventeenth successive month and have posted the largest fall since the Poll of Polls began, falling by 15.3 per cent over the 12 months to January.
House prices fell in all UK regions in January, with the exception of Scotland where prices were flat. Six of 12 regions showed signs of slowing pace in price declines.
In London, house prices fell by 1.5 per cent in January, a shallower fall than four of the past six months, which saw at least a 2 per cent decline.
Access to finance continues to hinder all levels of the market, with both the top and bottom 20 per cent of properties experiencing a 1.7 per cent fall in prices.
Robert Bartlett, chief executive of Chesterton Humberts, said: "As the New Year takes shape, we are seeing the first glimmer of house price positivity. As the rate of decline slows, confidence is beginning to return to the market.
"Throughout January we have seen a marked increase in the numbers of viewings and offers being made.
"As soon as funding becomes more readily available we will see this translate into sales being agreed for qualified buyers and with more traditional loan to value ratios – a must for longer term stability."
