The Press Association: House prices down as market slumps
House prices fell by 1.4% during January as the property market continued to come under pressure from Government spending cuts and the mortgage drought.
The drop left the average cost of a home just 0.5% higher than it was in January last year at £208,552, according to the Department for Communities and Local Government.
It was the eighth consecutive month during which the annual rate of house price inflation has fallen, and the latest rise was considerably lower than the 3.8% jump seen in December.
The three-month-on-three-month change, which is generally seen as a smoother indicator of market trends, also pointed to an acceleration in the rate at which prices are falling.
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