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| House prices down 11.5% in a year | |
| (20 minutes later) | |
| The fall in UK house prices gathered pace in January, according to the government's own house price index. | The fall in UK house prices gathered pace in January, according to the government's own house price index. |
| Prices were 11.5% lower than in January 2008, a faster rate of decline than the 10.2% annual fall seen in December. | Prices were 11.5% lower than in January 2008, a faster rate of decline than the 10.2% annual fall seen in December. |
| This took the price of the average UK property down to £195,724, a fall of £26,034 in the past year. | This took the price of the average UK property down to £195,724, a fall of £26,034 in the past year. |
| Prices have been falling fastest in Northern Ireland, down 14.3%, and are still highest in London, where the average home costs £301,383. | Prices have been falling fastest in Northern Ireland, down 14.3%, and are still highest in London, where the average home costs £301,383. |
| 'Similar trend' | |
| The government's index is published by the Department for Communities and Local Government (DCLG) and is based on home sales completed in January. | |
| Its figures suggest that the fall in house prices, which started in the autumn of 2007, has not been quite as severe as indicated by surveys from the Nationwide and the Halifax. | |
| These surveys, based on mortgage approvals, have indicated that prices in the year to February have fallen by nearly 18%. | |
| However, the DCLG said they were all pointing in the same direction. | |
| "The DCLG index is currently showing a similar trend in annual house price rates to other indices available from commercial sources," it said. | |
| The DCLG survey also indicates that the dearth of mortgage finance for first-time buyers is having a distinct effect in driving down prices. | |
| The price of homes bought by first-timers fell by 15.4% in the year to January, compared with a drop of just 10% experienced by homes being bought by former owner-occupiers. |