Date issued: 31 Jan 2008
LITTLE MOVEMENT IN HOUSE PRICES DURING JANUARY
- House prices fell by a modest 0.1% in January, the third consecutive monthly decline
- The annual rate of house price inflation edged down from 4.8% to 4.2%
- Housing market conditions have loosened further, but there are tentative signs that demand may have bottomed out
| Headlines |
January 2008 |
December 2007 |
| Monthly index * Q1 '93 = 100 |
365.9 |
366.4 |
| Monthly change* |
-0.1% |
-0.4% |
| Annual change |
4.2% |
4.8% |
| Average price |
£180,473 |
£182,080 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Senior Economist, said:
“UK house prices were barely changed in January, recording a modest fall of 0.1% over the month on a seasonally adjusted basis. Although house prices have now fallen for three consecutive months, the price of a typical property is still 4.2% higher than a year ago. However, this figure is down from 4.8% in December and represents the lowest rate of annual house price inflation since December 2005. Highlighting the softness in house prices since November, the 3-month on 3-month rate of price growth fell to -0.3%, down from +0.9% the previous month. The average price of a typical property stood at £180,473 in January, an increase of £7,249 over the last 12 months.”
For further information please see this month's full report (PDF - 55KB)
