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January brings slight dip in UK house prices

Tuesday, 1 February 2011 4:15 PM

Average UK house prices edged down in January 2011, according to market data published today by the Nationwide building society.

The mortgage lender's latest figures show that typical residential property values dropped marginally by 0.1 per cent last month.

With the average selling amount now at £161,602, the slight downward movement has taken UK house prices 1.1 per cent lower than they were in January 2010.

Commenting on the figures, Nationwide's chief economist, Robert Gardner, said: "January's data does little to alter the picture of a sluggish market that has been evident since the summer.

"Indeed, the three month on three month measure of house prices, which is a better measure of the underlying trend, showed a fall of 0.5 per cent, consistent with the gradual moderation in prices that has been in place since the summer of 2010," he explained.

Gardner went on to say that the UK property outlook remains "highly uncertain", but that the most likely outcome would be low transactions and prices staying constant or moving "modestly lower" over the year.

However, the expert added: "Demand for homes looks to have stabilised, albeit well below the levels prevailing before the crisis. Interest rates remain at historic lows, and labour market conditions have stabilised – both factors that will provide support to the market."

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