Property prices have fallen for the sixteenth consecutive month, with 1 per cent being skimmed off the value of homes in January.
Figures published today by Hometrack point to a total fall of 9.4 per cent over the past twelve months, with the average property price now standing at £158,300. During January alone, homeowners trying to sell their property cut their asking price by an average of £21,298.
Falling prices have not encouraged a sales splurge, however, with the average time to complete a sale increasing to 12.3 weeks, up 45 per cent on the same period last year.
Mortgage approvals were up 27 per cent in December, with 22,051 new loans being approved. However, this figure is still 46.8 per cent lower than a year ago. The British Bankers Association attributed the rise to the fact that approvals could not realistically fall any further.
