The property analyst, Hometrack, forecast further house price falls in 2012, with the weak economy and the squeeze on household budgets limiting the number of new buyers in the property market.
2012 has started slowly, with 10.5% fewer new buyers registering with agents compared with December, 5.4% fewer properties listed and 14.3% fewer sales agreed.
House prices have remained flat in January, following a decrease of 0.2% in December and November. London appears to be bucking the trend, with prices up 0.1%, and with properties selling far more quickly than the rest of the country, with the average property being on the market for 6.5 weeks vs 12 weeks for the North, Midlands and Wales.
Looking at agreed sale price, on average sellers are agreeing prices that are 92.5% of the asking price.