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Land Registry figures show 15.1% annual fall in property prices

Official figures from the Land Registry show that UK property prices fell by 0.8% during January which equates to a 15.1% fall for the year to January 2009. While this is a little less than other property surveys have indicated it still shows a gradual decline in the UK property market. The average house price in the UK is now officially £156,753 which is around £28,000 lower than the figure just 12 months ago.

The Land Registry survey uses actual selling prices and is seen by many as the most accurate housing survey amongst those published in the UK. However, it is worth remembering that the survey does not take into account property sales through the auction process which is probably the main reason why the vast majority of other UK housing surveys show a larger decline year-on-year.

Unfortunately indications are that the UK housing market is set to fall further over the next 12 months and even the most experienced of property experts are at a loss about when to call the bottom of the market. Cheap finance and cheap property prices do not seem to be doing the trick at the moment as more and more investors wait on the sidelines for the "doomsday" scenario.

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