House prices expected to fall further

The average price of a house in England and Wales has fallen by nearly 8 per cent in the past year, and is likely to fall by a further 10 per cent before bottoming out, according to Rightmove. In the last month prices fell 1.9 per cent. The biggest monthly drop was in the West Midlands where prices decreased 6 per cent in January alone, while the East Midlands saw the only increase - a small jump of 0.4 per cent. However, the number of properties coming onto the market is running at half the levels seen this time last year.