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FT: January house prices fall

Friday, 13 February 2009 10:48 AM

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 (FTHPI), recorded the eleventh consecutive monthly price fall, which was the seventh month to have exceeded a fall of one per cent.

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.

Dr Peter Williams, chairman of Acadametrics, 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 seventeenth month in succession in which the annual rate has again fallen in nominal terms.

"Expressing these changes in monetary terms, the average price of a home in England and Wales peaked in February 2008 at £231,863. Since then, it has fallen by £29,193 to £202,670. This takes the average price back to where it was in April 2006, close to three years ago. Last month house prices fell on average by £2841.

"Over the last two years, we have regularly highlighted the London regional market as being out of line with all the other regions of England and Wales. As anticipated, the differentials have now disappeared with London's falls matching those in other regions, and the average price differential between London and elsewhere has been slowly contracting - now standing at around £19,000.

"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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