House prices fall in January

January saw house prices fall by 0.1 per cent, according to new figures from financial services provider Nationwide.

In news that may interest those consumers looking to sell or buy a house in Scotland, the annual rate of house price inflation also dropped, lowering from 4.8 per cent to 4.2 per cent.

Commenting on the data, senior economist at Nationwide Martin Gahbauer said: "Although house prices have now fallen for three consecutive months, the price of a typical property is still 4.2 per cent higher than a year ago."

He added that this reflects the lowest rate of annual house price inflation since December 2005.

Concluding, Mr Gahbauer explained that the average price of a typical property stood at £180,473 in January, a rise of £7,249 over the past year.

In other news that may be of interest to people looking to buy or sell a house in Scotland, the Royal Institution of Chartered Surveyors recently stated that the cost of becoming a homeowner in the UK has worsened by 351 per cent since 1996.