House Prices Fell in December by 2.3%
Government figures show that house prices fell by 2.3% in December, pushing the annual rate at which prices are falling to a new record low.House prices fell by 10.2% in 2008. They also show that the fall of prices accelerated in the last quarter to 6.4% from 3% in the 3rd quarter. The average price of a detached home fell by 4.1% in December. The biggest falls in prices are reported in Northern Ireland, where properties have lost 17.9% of their value.
The figures for December are in contrast to figures from mortgage lenders for January which suggested that price rose by 1.9%. The good news for first time buyers is that they are paying 13% less, on average, than a year before.
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