BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
    You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
 Monday, 27 January, 2003, 12:48 GMT
House prices falling in parts of UK

House prices rose only fractionally in January because of falls at the top end of the market, according to the property website Hometrack.

London prices continue to fall, especially at the top end of the market

John Wriglesworth
Housing economist
It said that prices rose by just 0.1% during the month, the same as in December.

And house price growth has been steadily falling since it peaked at 2% in May.

But prices are behaving very differently across the country.

No green shoots

In parts of London and Berkshire there were falls of 0.4% while other areas of the country saw rises, with Derbyshire recording an increase of 0.5%.

The group said it did not expect the market to crash because property remained affordable outside the capital and the South East and because interest rates and employment were still low.

But neither is there any sign of the market picking up.

John Wriglesworth, Hometrack's housing economist said: "The housing market is stagnating and as yet there is no evidence of any green shoots that would indicate a spring recovery.

"London prices continue to fall, especially at the top end of the market."

Catching up

The group said the average rise in the 20 counties that saw the highest price during January was 119,531.

And the average price in the 20 worst performing counties was 180,361, suggesting the slowdown was at the top end of the market.

The Royal Institution of Chartered Surveyors reported earlier this month that price rises had slowed for the third month in a row in December.

And, at the beginning of January, Halifax bank reported that London house prices were slipping while other areas of the country, particularly Yorkshire and Humberside, the Midlands and Wales were enjoying stronger growth.

House price change by region

East Anglia:

Prices rose by 0.1%, taking the average price to 121,000. Homes took five and a half weeks to sell.

South West:

Prices rose by 0.2%, taking the average price to 143,100. Homes took just under five and a half weeks to sell.

East Midlands:

Prices rose by 0.3%, taking the average price to 91,200. Homes took nearly four and a half weeks to sell.

West Midlands:

Prices rose by 0.1%, taking the average price to 101,500. Homes took nearly four weeks to sell.

Yorks & Humber:

Prices rose by 0.1%, taking the average price to 85,800. Homes took nearly four weeks to sell.

Wales:

Prices rose by 0.2%, taking the average price to 86,400. Homes took nearly five weeks to sell.

South East:

Prices rose by 0.1%, taking the average price to 176,200. Homes took just over five weeks to sell.

North West:

Prices rose by 0.1%, taking the average price to 82,200. Homes took five weeks to sell.

Greater London:

Prices fell by 0.1%, taking the average price to 233,200. Homes took just under five weeks to sell.

North:

Prices fell by 0.1%, taking the average price to 77,400. Homes took four and a half weeks to sell.


News

Analysis

Tools

FORUM

TALKING POINT
See also:

27 Jan 03 | Business
25 Jan 03 | Business
23 Jan 03 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


 E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes