House prices continue to fall

House prices fell 11.5 per cent in the year to January 2009, according to figures from Communities and Local Government. The latest monthly figures also show a fall between December 2008 and January 2009 of 10.2 per cent. However, the cost of a detached house actually rose 4.9 per cent between December 2008 and January 2009. Estate agents say the increase in detached property prices was down to short supply while buyer demand for those with access to ready cash or equity is also strong.