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UK house prices fell on a monthly basis for the fifth month in a row, according to figures from Nationwide on Wednesday.
In January, house prices fell by 0.6% on a monthly basis, worsening after a fall of 0.3% in December. On an annual basis, house prices rose 1.1% in January, slowing from a 2.8% increase in December.
The average UK house price stood at £258,297, down from £262,068 in December.
House prices are now 3.2% below August’s peak, Nationwide said.
‘However, there are some encouraging signs that mortgage rates are normalising, but it is too early to tell whether activity in the housing market has started to recover. The fall in house purchase approvals in December reported by the Bank of England largely reflects the sharp decline in mortgage applications following the mini-Budget,’ said Nationwide Chief Economist Robert Gardner.
‘It will be hard for the market to regain much momentum in the near term as economic headwinds are set to remain strong, with real earnings likely to fall further and the labour market widely projected to weaken as the economy shrinks.’
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