House prices hold during January

The price of buying a house in the UK slowed over the month of January, according to a high street bank.

Statistics released by Nationwide show that there was a monthly change of - 0.1 per cent over the course of the month and a drop of 0.4 per cent from December 2007.

This means that the average house price in January 2008 was £180,473 compared to £182,080 last month.

Nationwide senior economist Martin Gahbauer commented that market conditions are in-line with the figures.

"The weakening trend in house prices during the last three months is consistent with the loosening in housing market conditions that has become increasingly evident in the data," said the official.

Nationwide Building Society has close to 13 million members and 20 million accounts.

The firm employs 19,000 people and was first founded in 1884.

Its headquarters can be found in Swindon.

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