UK house prices fall for first time in almost a year

UK house prices fell by 0.2 per cent month-on-month in January as the majority of the UK saw signs of a slowdown in the pace of growth in property values, according to an official report.

The average UK house price stood at £273,000 in January, which is 8.4 per cent higher than a year earlier, the Office for National Statistics (ONS) said.

The year-on-year pace of price growth has slowed from a 9.8 per cent increase recorded in December.

The 0.2 per cent fall in average property prices in January compared with December is the first month-on-month decline recorded in 10 months.

The report said: “Annual house price growth is beginning to show signs of slowing across the majority of the UK.”

- PA