Housing market gloom goes on

UK HOUSE prices continued to fall in January, according to figures from a leading building society.

The average cost of a home edged down by a further 0.1 per cent during the month to stand at 161,602 - 1.1 per cent less than in January 2010, figures from Nationwide revealed.

House prices have now fallen during five of the past seven months, and the group warned that the outlook for the property market was "highly uncertain".