British house prices fall at accelerating rate

House prices in the UK remained broadly unchanged during January but the annual rate at which they are falling continued to accelerate during the month, figures showed today.

The average cost of a home in the UK rose by 0.2% during the month to stand at £195,724 (€211,597), according to the Department of Communities and Local Government.

But properties lost a record 11.5% of their value during the year to the end of January – the 15th month in a row that the annual rate of house price inflation has deteriorated.