House prices were marginally lower last month, according to new figures, reflecting the detrimental impact that previous price inflation has had on demand. The average price of a property fell by 0.1 per cent in January to £180,473, Nationwide index revealed, following on from December's 0.4 per cent drop, while the annual rate of house price growth slowed from 4.8 to 4.2 per cent. Chief economist Martin Gahbauer said these figures were consistent with indicators such as low mortgage approvals, while noting that demand had also waned, especially among first-time buyers (FTBs) put off by the increasingly large deposits needed to buy a home.