The asking price for primpe properties has dropped for the first time in nine months according to information released in the latest prime index report from Primelocation.com

The drop sees the average price for a prime UK property (the top quarter of property in the UK market by value) drop by 0.5% to £473,373.

Asking prices are still 4% higher than they were in december of 2010 after the longest sustained rally since the index began. The past year has seen an average increase of £18,059 to property, an increase of £49 per day.

London and Wales were the only regions which saw an icnrease in prim property value in December with eight regions seeing decreases. The West Midlands saw the largest decrease with values dropping by 1%.

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.

Tags: primelocation.com. prime index report, uk propert market