Twitter Facebook RSS FEEDS

FT: House prices down 1.8% in December

Friday, 9 January 2009 12:06 PM

House prices were down 10.4 per cent in the last year.

The average price of all property transactions completed in England and Wales in December fell by 1.8 per cent, compared to November, according the Financial Times house price index (FTHPI).

All ten regions in England and Wales now show prices falling on both a monthly and an annual basis.

The FTHPI, which covers all mortgaged and un-mortgaged transactions, shows this is the tenth consecutive monthly price fall and the sixth month in a row in which the fall has exceeded one per cent.

In London, prices have continued downwards, with the annual rate of fall in the capital's house prices, averaged over the past three months, now at 6.8 per cent.

The figures showed that housing market was in continuing decline, and that all UK price indices are currently negative.

Peter Williams, chairman of Acadametrics, said: "All regions are now recording negative growth in nominal terms as measured by an FTHPI three-month average.

"The south-west has witnessed the most rapid deflation and has now dropped to ninth place in the table, having stood alongside London and the south-east in recent times. Of these three regions, only London now records a below average fall in price of 6.8 per cent.

"There is a strong consensus that the market will continue to weaken in 2009, with the Council of Mortgage Lenders suggesting the numbers of borrowers over three months in arrears will more than double to over 500,000, and repossessions will rise to 75,000. The key will be the supply of mortgages, and at present this is likely to contract further in 2009.

"All in all, 2008 has seen a sharp reversal in the fortunes of the housing market and the process of re-adjustment to long term trends will continue in 2009."

Related stories

Uk residential property

UK house prices increase in December

Residential property values rose this month for the first time since May, according to new figures.

 Average mortgage payments are now at their lowest proportion of disposable earnings for a new borrower for 14 years.

House prices edging down despite January bounce

Housing market set for stability on back of low interest rates and rising employment unless Eurozone crisis deepens, says Halifax.
The average home now costs £160,118, compared to £160,393 in April last year.

Halifax: House prices down 0.5 per cent

House prices fell by 0.5 per cent in February, according to the latest Halifax house price index.

 Riverside property in London

House prices down in most UK regions

House prices in most UK regions suffered year-by-year falls in March, although certain areas bucked the trend.

The Land Registry say transactions rose slightly in January.

House prices down year-on-year despite January rise

London continues to out-perform the rest of England and Wales, says Land Registry.

Yorkshire & Humberside has the most pessimistic outlook on house prices.

House prices down for 20th month in a row

Sentiment index reveals more confidence about next 12 months but sharp differences between regions and occupations.
All four UK countries saw a fall in house prices over the year. Image:Thinkstock

House prices edge down, says official index

Northern Ireland, North West and Yorkshire see biggest falls but London and East Midlands buck downward trend.

House prices down as market falls into chilly autumn

FT: House prices down 4.3%

FT: House prices down 4.3%

House prices in Dublin don't keep doubling and doubling. Image:Thinkstock

Irish house prices down by half since peak

Two new surveys show house prices fell again in 2011 and suggest more of the same in 2012.

 The average price of a UK home is now £160,063. Image:Thinkstock

Halifax: House prices down by 1.3 per cent in 2011

Bank reveals 0.9 per cent in December but says prices held up well in difficult economic climate.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.