Although property prices in England and Wales dipped slightly in January, confidence in the market remains high, according to TEAM, the country’s largest network of independent estate agents.

TEAM’s latest national survey shows that nation-wide the average price of homes “under offer” was £176,693 in mid-January – a fall of 1.2% compared with December. Against the national trend, there were sharp rises in South Wales, South Hampshire and East London.

The survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales and reflects a daily average of 2,607 homes listed as under offer by agents in the four-week period to mid-January.

TEAM’s national chairman, Philip Muzzlewhite, commented: “The Christmas and post Christmas lull shows in our January figures.”

“Next month a full bounce back is clearly seen in the current market. Huge regional variations continue to make something of a mockery of national average statistics, which are useful only to show a general trend.”

Jim Atkins, a past president of the National Association of Estate Agents and a TEAM member based in Dorset, said:

“Following the expected slow down in business around Christmas, January started off the New Year well with high levels of valuations, instructions and sales agreed.”

“There will always be regional variations month by month but even with the recent small increase in interest rates consumer confidence for the property market in 2004 remains high. I believe there will be sustained but slow growth during the coming year.”