Many will struggle to sell their house quickly as UK house prices fluctuate
Government figures were published last week which indicated that UK house prices had fallen by 1.4% in January, when compared with the previous month.
Many would expect such statistics to be published in a time when the housing market is witnessing a serious slump. However, these governmental figures also showed considerable regional variations in the monthly data which was collated by the Department for Communities and Local Government (DCLG).
The biggest variations were between the East of England, where prices rose by 2.8% compared to a 3.6% fall in property values in Yorkshire and the Humber.
The DCLG also reported that the typical value of a house had dropped over the past month, and that we should now expect to pay an average of £208,552 for the cost of a typical home in the UK. At the same time, this also meant that over the last year to January, house prices have increased by 0.5%.
It is looking like a bleak year for the property market in 2011, with many forecasting that house prices will fall further as the year commences, especially in areas that are suffering from a high level of unemployment.
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