Fifteen percent in one year for house prices

House prices in England and Wales in January were 15.1% lower than a year earlier, says the Land Registry.

The figures from the survey, widely regarded as the most authoritative, reveal that prices dropped by 0.8% in January compared with December.

This is the 17th month in a row that average prices have fallen, following 21 successive months of price rises.
The average property cost £156,753, with Wales and the South West of England seeing the sharpest falls.
Prices in Wales dropped by a dramatic 8.8% fall in the month, although the Land Registry warned that this was unlikely to mirror the underlying trend in the country.

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