British housing prices continue decline

London -- Declining prices for houses in Britain tempered in January to an average decline of 0.8 percent, Rightmove, a housing watchdog group said.

Housing values in Britain have fallen for three months running, with a steep decline of 3.2 percent recorded in December. Other housing trend-watchers, such the Nationwide Building Society and the Halifax bank are roughly in accord with Rightmove's figures, while the Royal Institute of Chartered Surveyors are less optimistic, the Independent reported on Monday.

Approvals for mortgages were at a three-year low in November. In December, the Bank of England agreed to cut interest rates to 5.5 percent from 5.75 percent.

Behind the slump are credit woes that have found marginal borrowers unable to secure loans. The reduction in buyers has contributed to the housing slump, the report says.

Copyright 2008 by United Press International.