House prices in the UK fell an average of 11.5% in the UK in January. The price of the average UK property is now £195,724, down more than £25,000 in the last year, according to the data from the Department of Communities and Local Government (DCLG).
Northern Ireland is the worst affected area with prices down 14.3 per year-on-year, while prices in England are down by 11.8 per cent. The West Midlands is the region to have suffered most – down by 14.1 per cent, although London is close behind with a 13.9 per cent drop over the year.
The DCLG index for January has recorded smaller falls in prices than the February indices other reports including Halifax and Nationwide, not only because it is one month behind, but because its figures are calculated at the time when mortgages are completed rather than agreed.