House prices in tiny fall in January
Nationwide says UK house prices fell by 0.2% between December and January.
UK house prices fell by 0.2% in January, according to Nationwide’s latest House Price Index. However, they are 0.6% higher than they were in January 2011. The average UK house price is now £162,228.
Nationwide is keeping its cautionary stance on future house price movements, saying “prices are likely to continue to move sideways or only modestly lower in the months ahead”.
It says that finding a deposit is still the biggest hurdle for many buyers, even though the median deposit has fallen from 25% at the height of the financial crisis in 2008 to 20% now.
It forecasts something of a buyer’s market in the months ahead, subject to them being able to get finance, although it expects fewer houses to come onto the market. This echoes property website rightmove’s recent Consumer Price Forecast.
Property analysts Hometrack say that there has been a 23% drop in buyers registering with estate agents between August and January, which also suggests prices are going to go nowhere fast.
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More: No growth in house prices as buyers stay away | How to get a mortgage with a small deposit
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Nick. Why May? Because in May 2009 you posted that you'd like us all to meet back here in three years to prove that prices have dropped 50%. They are currently up 7% since that date. What are you actually advocating? That we all sit around and blame someone else? Or revolution? I have a vested interest in looking after my family. I've worked hard in my career, changed jobs several times, worked away from home, saved hard, invested in my own home and a couple of buy to let's for my kids, paid into a pension and have some index tracker investments. I'm not unique or particularly lucky but I think my positive attitude is more likely to bring success than negative vitriol about how we're all doomed.
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http://www.bbc.co.uk/news/business-16903022 but up 0.6% according to halifax...
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yocoxy, who are you trying to kid? So you are advocating being ripped-off and becoming a debt slave for 25 years. Invest well you say. I agree, but i know when house prices are far too high and a shocking investment at present. And what happens when interest rates go up? Just look at the numbers. FTBs hardly get a look-in. Proof something is wrong. What's this about May. I accept it may take 3 or 4 years, but prices will drop dramatically. They have before and they will again. Check the early 1970s, late 1970s and the early 1990s. I think your attitude proves you have a vested interest. I think it's a disgrace how individuals have been allowed to make fortunes out of property which are a basic part of life to provide shelter. Looking after each other and being able to afford a house would make this a great country. At present it is a disgusting, greedy little hole.
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07 February 2012