House prices dip in January

House prices dipped by 0.1 per cent in January survey from the Nationwide building society.

It meant the average UK home cost just over £161,600.

The Nationwide forecast that house prices would stay static during 2011.

Nationwide chief economist Robert Gardner said: "The property market entered 2011 with a whimper rather than a bang.

"The outlook is still highly uncertain, but the most likely outcome is that the pattern of low transaction levels and prices moving sideways or modestly lower will continue through 2011."