17 Mar

House prices 'becoming more affordable'

House prices 'becoming more affordable'

UK house prices fell by 11.5 per cent over the past 12 months, new government figures have indicated.

This was an increase on the figure for December 2008, when the drop over the previous year had been 10.2 per cent.

Department for Communities and Local Government (DCLG) data showed that the average house price in January 2009 was £195,724.

Such a fall may help more first-time buyers get on the property ladder due to the increase in affordability that this dip in prices has brought.

The trend highlighted by the DCLG statistics matches that displayed in other recent surveys.

Earlier this month, Halifax revealed that according to its calculations the average price had dropped 17.7 per cent in the 12 months to the end of February.

Nationwide's house price figures for the same period indicated a similar dip of 17.6 per cent.

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