The average house price is now £152,895, representing an annual decrease of 16.2 per cent.
In London the average price fell 15.4 per cent annually, although London’s monthly house prices increased by 0.6 per cent, bringing the average property value in the capital up to £299,613. The last time London had a positive monthly rise was March 2008.
The West Midlands was the region with the most significant monthly price fall with a movement of –2 per cent. The North East experienced the greatest monthly rise with a movement of 1.8 per cent.
The most up-to-date figures available show that during January 2009 the number of completed house sales fell by 57 per cent to 24,770 from 57,810 in January 2008. In London 2,876 house sales were completed in January 2009 compared with 8,217 in January 2008. This represents a fall of 65 per cent.
