House prices continue to slide

The fall in house prices continued in January – down 1.3 per cent for the month – taking the annual fall to 16.6 per cent. The year of year figure is an increase from the 15.9 per cent drop in December 2007, however, January’s drop is smaller than December 2008’s monthly fall of 2.5 per cent. Nationwide put the average house price at £150,510, down from £153,048 a month ago and £35,543 below their peak in October 2007.