FT: January house prices down 1.4 per cent
Friday 13th February 2009, 12:01PM GMT.
House prices in January fell by 1.4 per cent, a fall of 12.2 per cent from the same month last year.
The Financial Times house price index recorded the 11th consecutive monthly price fall, which was the seventh month to have exceeded a fall of one per cent.
The average price of a home in England and Wales has now lost £29,193 of its value since the peak of February 2008 at £231,863.
This takes the average price back to where it was in April 2006 at £231,863.
Last month house prices fell on average by £2,841.
All ten regions in England and Wales showed a fall in house prices, with prices in London falling at an annual rate of ten per cent.
While Halifax recorded a 1.9 per cent rise in January, all other house price indices showed a fall in house prices of between one and two per cent for January.
Peter Williams, chairman of Acadametrics, which compiles the FT index, said: “The annual rate of change of the FTHPI, at -12.2 per cent, represents the largest fall ever that we have reported, and this is the 17th month in succession in which the annual rate has again fallen in nominal terms.
“The UK is now in recession with rising job losses and insolvencies. With Rics recently reporting increased buyer enquiries for a third month in succession, there is a possibility that we could see the current decline in the housing market bottoming out in 2009.”
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