Residential conveyancing news: House prices fell in January

Posted 01/02/2011

People looking to use the services of a residential conveyancing solicitor may be interested to note that house prices recorded a slight fall in January 2011.

According to the latest statistics published by Nationwide, property costs declined by 0.1 per cent last month, taking the average home down to £161,602.

This is a year-on-year decrease of 1.1 per cent and means houses now cost less than in September 2009.

Nationwide chief economist Robert Gardner said that although the outlook for the year as a whole is still uncertain, “the most likely outcome is that the pattern of low transaction levels and prices moving sideways or modestly lower will continue through 2011”.

This could be good news for first-time buyers looking to employ a residential conveyancing solicitor and get a foot on the property ladder.

Meanwhile, a study carried out last month by Lombard Street Research and the Daily Telegraph discovered that some house prices are at their most undervalued level since the mid-1990s.