Nationwide has released its monthly report on residential property prices, and January is looking bleak for the housing market; with a slight fall in prices expected.
The expected winter freeze will see house prices decline by -0.2% compared to the previous month, with the value of the average home being around £162,228. The fall represents a slowing in the annual growth rate too, falling from 1% in December to 0.6% in January.
Nationwide’s chief economist, Robert Gardner, commented on the fall, saying: "Given the challenging conditions prevailing in late 2011, with the UK economy contracting in the final three months of the year, it is not surprising that house price growth softened at the start of 2012."
The blame was mainly laid at the feet of the difficulties that buyers face in getting a mortgage over the past few months, although indications from financial information service Moneyfacts show an improving trend in this area.
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