1 Feb

House prices fall in January

House prices fall in January

People looking for buy-to-let opportunities could find savings in the housing market after house prices fell in January.

Nationwide's January data shows prices fell by 0.1 per cent in January, which may be good news for people looking for houses for sale in the UK.

The average house price decreased from £162,763 in December 2010 to £161,602.

Robert Gardner, Nationwide's chief economist, said: "The property market entered 2011 with a whimper rather than a bang, with house prices edging down slightly in January.

"However, the continued uncertain outlook for the economy will probably continue to keep many buyers on the sidelines."

Demand for homes has stabilised, he added.

If buyers are deterred from buying a house by economic uncertainty, landlords may benefit from people looking for property to rent in 2011.

According to research by Paragon, nearly half of mortgage brokers plan to increase buy to let offerings in 2011.

Availability for buy to let mortgages improved by 51 per cent in the final quarter of 2010.

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