House prices fell by 1.3% last month

The price of the average UK home has fallen. UK property prices are continuing to drop. House prices fell by 1.3% between November to December leaving the average UK property 1.6% cheaper than at the start of 2010, according to figures revealed by the Halifax. The average price of a house in the UK now stands at £162,435 with Halifax predicting that prices will remain low during 2011 as interest rates are expected to "remain very low for some time". The lender said that the decline could be reduced if fewer homeowners opt to put their house on the market. Halifax housing economist Martin Ellis said: "Current signs that homeowners are becoming more reluctant to sell would, if continued, help reverse the imbalance between buyers and sellers".