The Office for National Statistics has reported that, on average, house prices in January 2020 were down by 1.1% on December 2019.
There has been an annual price rise of 1.3%, which makes the average property in the UK valued at £231,185.
In England the January data shows, on average, house prices have fallen by 1.2% since December 2019. The annual price rise of 1.1% takes the average property value to £247,355.
The regional data for England indicates that the West Midlands experienced the greatest monthly price rise, up by 0.4%.
The North East saw the most significant monthly price fall, down by 2.6%.
Yorkshire and the Humber experienced the greatest annual price rise, up by 3.1%, while the East of England saw the lowest annual price growth, down by 0.6%.
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Although the spread of the virus is overshadowing business, which is as it should be, this comprehensive take on the strength of the UK property market is very interesting. It shows what might have been and what still could be, even though increases are a little more modest than the previous month’s surprise spike, as long as the pandemic can be brought under control relatively quickly.
“On the ground, viewings may have dried up but enquiries haven’t. Many, already fed-up with enforced confinement, are clearly hoping to move in the short rather than the longer term. If that is the case, we don’t expect prices to suffer too badly if the current shortage of listings continues and government assistance keeps as many in work as possible.”
