Prices fall for 4th consecutive month

The average property in the UK lost 0.3 per cent of its value in January, according to the latest figures.

Hometrack has published its latest house price index, revealing that prices fell for the fourth month in a row.

A 0.3 per cent decline was also recorded in December and it appears that the market is really beginning to struggle.

Annual inflation fell back to 2.3 per cent, the lowest rate of growth since June 2006, and it is taking longer to sell a property.

According to the report, the average sell-time reached 8.5 weeks in January, the longest time recorded since the survey began in 2001.

However, a shortage of housing is expected to continue to support property prices, with supply falling by 4.6 per cent in January.

That took the figure to ten per cent over the last six months and it is hoped that a continuation of this trend will help to keep prices from falling too rapidly.

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