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Chesterton: House prices down 0.3%

Tuesday, 12 February 2008 12:00 AM

The average price for a property in the UK fell by 0.3 per cent during January, according to a poll of polls from estate agent Chesterton.

The research, compiled by the Centre for Economics and Business Research (CEBR), draws on data from a variety of sources to provide a snapshot of the UK property market.

However, while the market as a whole fell slightly, prices in London and top-end sectors continued to boom.

In the capital prices in 30 of the 37 boroughs increased by ten per cent or more, over the previous year.

At the extreme, prices in Kensington & Chelsea rose 24.8 per cent year-on-year - more than four times faster than the rest of England and Wales.

Furthermore, the top 20 per cent of the property stock in the UK is now worth 12.7 per cent more than one year ago, while the bottom 20 per cent is worth only five per cent more.

Yet, these positive signs cannot hide a wider slump, according to Chesterton.

"While the figures show property prices have fallen slightly over January, the reality is prices are undergoing a correction," said Chesterton chief executive, Robert Bartlett.

"We believe property prices will remain flat to negative two per cent through to spring, but with a reduced number of transactions."

Indeed, prices in the East Midlands have fallen by 0.1 per cent over the previous year, according to Chesterton, and this is the only region to have seen annual falls.

"Property analysts will be watching very closely over the month ahead to see what impact the non-domicile tax changes will have on the property market and the wider economy," continued Mr Bartlett.

Under the Labour plans, people claiming non-domicile status for at least seven years will have to pay an annual levy of £30,000 - with additional tax on earnings brought to Britain.

"I think these figures show now is the perfect time to buy. There is a wide range of properties on the market and some bargains to be had," concluded Mr Bartlett.

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