A monthly survey by Hometrack, has shown that house prices have fallen again for the seventh consecutive month in January. The average property price was £162,800, down from a peak of £167,700 in June last year.
Hometrack's index, which is compiled from 7500 reports from approved agents, has shown that agreed sales have fallen by 13%, compared to 3.8% in December's survey.
The number of buyers registered with estate agents has also fallen by 12.8% and the number of unsold properties has fallen by 4%. It is believed that house prices are expected to stabilise and slowly rise by small amounts over the next few months.
Our view
The Bank of England's hike in interest rates is having the desired effect. No respite until the end of the year.