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Nationwide Report
House prices fell by 1.3% in January.Annual rate of decline reaches 16.6% but 3-month rate improves slightly.
The economy is now officially in recession, but considerable stimulus is in the pipeline.
Headlines January 2009
December 2008
Monthly index * Q1 '93 = 100 304.5
308.6
Monthly change* -1.3%
-2.5%
Annual change -16.6%
-15.9%
Average price £150,501
£153,048
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Senior Economist, said:
''The price of a typical house fell by a further 1.3% in January, as the deepening economic recession and financial market turbulence continued to weigh on housing market sentiment and activity. January's decline leaves the average price of a typical house at £150,501, down 16.6% from 12 months ago. The 3-month on 3-month rate of change, a smoother indicator of the short-term trend in prices, improved for the fourth consecutive month from -4.2% in December to -4.0% in January. However, it is too early to say that this marks the start of a sustained improvement in the short term trend.''
