House prices fall 12% in last 12 months

The average house price in the UK now stands at £189,813.

There was some good news for first-time buyers able to get on the property ladder as the annual average house prices paid by this group in February 2009 were 15.1% lower than a year ago.

By comparison average house prices paid by former owner occupiers were 11.2% lower.

The Communities and Local Government said the fall in UK prices between January 2008 and February 2009 could be attributed to a decrease in average prices for flats (4.5%), detached houses (4.3%), bungalows (3.6%), terraced houses (2.0%) and semi-detached houses (1.8%).

Have your say on this story using the comment section below