HOUSE prices declined in January and barely registered any growth over the last year, according to figures out yesterday from Nationwide.
Prices fell 0.2 per cent last month, repeating December’s fall and taking the 12-month growth rate down from one per cent to 0.6 per cent.
Average prices now stand at £162,228, from £161,211 in January 2011 and £163,481 two years ago.
The report also showed low interest rates are boosting home affordability – initial mortgage payments have fallen from 46 per cent of take home pay in 2007 to 31 per cent now, their lowest level since 2003.
