Nine-month prime property price rally ends

Following the longest rally in the history of the index, asking prices for prime property fell for the first time in 10 months in December. The average price for a UK prime property is now £473,373, 0.5% less than in November.

Asking prices for prime properties are currently 4% higher than they were in December 2010. The average UK prime property has gained £18,059 in the past year, or £49 per day.

Prime asking prices fell in eight regions, with the greatest decreases in the West Midlands, where prices fell 1%. Only London and Wales posted monthly price increases in December, with gains of 0.9% and 0.4% respectively.

Unusually, prime properties underperformed slightly against the general market in December. The average price for all UK properties fell by 0.4%, slightly less than in the general market. However, all bar one of the UK regions saw a decline in prices in the broader market.

Prime property prices continue to outperform the general market in the long term. Over the past year, the average UK property has seen its price rise by 0.8%, while the average price of a prime property has increased by 4%.

Trends in the prime platinum market broadly mirrored those in the prime market in December. Asking prices for prime platinum properties were 0.5% lower than in November, though 3.8% higher than December 2010.

Prime platinum prices fell in eight regions, increasing in London, Wales and the North West.

National Property Prices