Economics
U.K. House Prices Post Their First Monthly Decline Since April
- Official data confirm reports of slowdown at the start of 2021
- Optimism, extension of tax break expected to fuel market
Terraced housing in Plymouth.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Reports that the U.K. housing market lost momentum around the turn of the year were confirmed by official figures Wednesday showing prices fell in January for the first time in nine months.
The 0.5% decline from December left values 7.5% higher than a year earlier, according to Land Registry data published by the Office for National Statistics. The annual pace of growth eased from 8% in December, the first slowdown for that measure since July. The average price of a home stood at 249,309 pounds ($342,000).