Average house prices fell by 0.2% last month after an identical drop was recorded in December. The fall leaves the average UK house valued at £162,228. Year-on-year, property prices were up a very modest 0.6% in January.

On a quarterly basis, a measure many analyst consider to be a more accurate barometer of market direction, prices were up by 0.3% last month.

Nationwide said it expected prices to “move sideways or only modestly lower in the months ahead”. It cited concerns about the labour market and the general state of the economy as two factors that are likely to hold prices back over the next 12 months. It also said that affordability and access to mortgage funding is still a major problem for first-time buyers.

Despite the fact that mortgages are cheaper now than they have been for almost 10 years, potential borrowers need to raise a substantial deposit before they can secure the loan they need to buy a home. The average median deposit required by a first-time rocketed from 10% before the beginning of the credit crunch to 25% afterwards. Although the average deposit required has fallen back to around 20%, this still means a first-time buyer would need to raise more than £30,000 to buy a typical British home.

Finding a deposit is unlikely to become any easier in the year ahead if household budgets come under increasing pressure and unemployment continues to rise.

Robert Gardner, Nationwide’s chief economist, said: “Given the challenging conditions prevailing in late 2011, with the UK economy contracting in the final three months of the year, it’s not surprising that house price growth softened at the start of 2012. The price of a typical house fell by 0.2% in January, taking the annual rate of house inflation down to 0.6% from 1% in December.

“The demand/supply balance may move further in favour of buyers in the months ahead. The economy is not expected to gather much momentum until the second half of 2012 at the earliest, which suggests that labour market conditions and buyer sentiment may be slow to improve.”

A separate report from the Land Registry showed that prices actually dropped by 1.3% in 2011. Prices fell in every region except for London where the average property rose in value by 2.8% to £345,000. Prices in the north-east plummeted by 7.1% to £99,464, the lowest level in eight years, making it the only region in the UK where average prices are now below the £100,000 mark. In contrast, the average price of a property in Kensington and Chelsea rose by 7.2% to £967,951 last year.

Instances of crooked bank staff stealing money through theft or deception rose by more than 40% last year, according to CIFAS.

The anti-fraud organisation said that dishonest actions by finance workers were the main driver of a 14.5% overall increase in the number of insider frauds recorded in 2011 when compared to the previous year.

Worryingly, one of the more popular methods of stealing was found to be cashiers creaming money off of customer accounts. Many of the frauds recorded involved the theft of money from older people. CIFAS said the perpetrators of such thefts are no better than muggers in the street.

A third of all theft committed by bank employees involved the stealing of cash as opposed to electronically-based crime. The overall number of dishonest actions by staff to obtain a benefit through theft or deception rose from 156 in 2010 cases to 220 last year – an increase of 41%.

CIFAS said that many organisations remained reluctant to recognise the risk of fraud being committed by its staff.

Instances of bank staff unlawfully obtaining and disclosing personal data fell by 25% last year, after a dramatic rise in data theft the previous year. CIFAS said the fall demonstrated an increasing awareness of the danger posed by data theft in the banking industry, and was evidence that steps were being taken within organisations to counter the threat.

Richard Hurley , CIFAS communications manager, , said: “The damage done by fraudsters who sit within an organisation is not just upon a balance sheet but also on staff and customer morale, reputation and can even result in regulatory and legal sanctions.”

“While the 14.5% increase witnessed in 2011 demonstrates that some organisations are increasingly aware of, and looking out for, fraud committed by insiders, the surge must also underline how prevalent the danger actually is. To assume that staff committing fraud will not affect your organisation is pure folly.”

Michelle Mitchell, charity director general of Age UK said: “Any case of bank staff stealing from customers is unacceptable and this increase is very concerning – particularly at a time when banks are talking about regaining the public’s trust and confidence.”

“Common sense measures such as asking for and then keeping a receipt for any deposit or withdrawal, can help in preventing fraud. However it’s important that people remember that banks are still the safest place to keep their money. “

The Office of Fair Trading (OFT) has announced an investigation into unfair gym contract terms that could be in breach of consumer protection regulations. The OFT probe will also look into whether some gym owners are engaging in unfair business practices.

Although the trade watchdog would not say which companies were involved in the investigation, national chains such as Virgin Active and LA Fitness are thought to be included. A spokesperson for Virgin Active said the firm had already received a request for information earlier in the week.

The investigation was launched after the OFT received a number of complaints from consumers about the length of some gym membership contracts and unfair cancellation polices. Some gym membership plans can see consumers locked into contracts for up to 24 months. Most have no option but to carry on paying regardless of whether they use a gym’s facilities or not.

Concerns were also raised about people being unable to extricate themselves from gym contracts when their circumstances change. LA Fitness received a barrage of criticism from Twitter users last week after it tried to force a pregnant woman and her jobless husband to pay £780 to clear 15 months of a contract debt, despite them being in danger of losing their home.

A spokesperson for the OFT said: “This investigation is at an early stage and it should not be assumed that the parties involved have breached any consumer protection legislation.

“The OFT will not reach a view on whether the law may have been infringed by any company until it has completed its investigation.”

The launch of the probe follows a high court ruling last August that contacts written by Ashbourne Management Services Limited (AMS), a gym management firm, were unfair and that a number of debt collection practices amounted to unfair commercial practices. The OFT said it expected any company employing similar contract terms and practices to change them in line with the ruling.

At the time of the ruling, Cavendish Elithorn, senior director of the OFT Goods and Consumer Group, said: “Gym companies should also be aware that trying to enforce illegal contract terms is a breach of the law and in certain circumstances they may have a duty to notify customers where their contract terms have been found to be illegal.

“This case sends a clear signal to traders that the OFT and local trading standards services will not hesitate to take action to protect consumers.”

In defence of the industry, David Stalker, CEO of the Fitness Industry Association (FIA), said: “At the FIA we strongly believe in following the rulings drawn up by the OFT and are happy to play an advisory role in this investigation process. They (the OFT) have made it clear that it should not be assumed that the parties involved have breached any consumer protection legislation and we must await its findings to draw any conclusions.

“The FIA’s vision, to get more people, more active, more often, is shared by our members who offer a wide variety of membership options to suit individual budgets and training needs; placing consumers at the heart of their offering and motivating people to lead an active lifestyle.”

We should be more careful about what we wish for.

Who would have thought that gender discrimination might actually be working in our favour? That the stereotype of men being faster, more reckless drivers than women could be saving us money? Unfortunately though, that’s all about to change.

On 1 March last year the European Court of Justice ruled that insurance premiums can no longer be affected by gender, meaning that insurance companies will no longer be able to charge men and women different premiums based purely on their sex.

The gender insurance directive will come into force on 21 December 2012 and is likely to cause a fair bit of upheaval in the insurance world, both for the industry and for consumers.

What will happen and what does it mean for women?

Currently gender does play a part in the calculation of certain types of insurance – namely car insurance, life insurance and annuities – regular pension incomes.

Women generally pay less for car insurance than men since they are considered less likely to have an accident. They also generally live longer than men, so enjoy cheaper life insurance too. It’s this that the media have picked up on, focusing on women having to pay more and men less after the changes.

However, it’s not all bad news ladies. When it comes to annuities, we should find ourselves better off. Currently women are paid less than men in annuities – also because of their longer life expectancy – but under the new ruling we should receive more.

So how much more can you expect to pay?

Unfortunately we can’t be sure how much more insurance will cost, as insurers are currently calculating exactly how implementing the changes will affect their prices. The next time you renew your insurance you are likely to notice a change however.

The general view on car insurance is that men’s premiums will go down by about 10%, while women’s could go up by as much as 30% – estimated at £400 a year by the AA.

Annuities are predicted to change less, partly because they have already been adjusted in line with the ruling. Men can expect a 2.5% fall, and women a 2.5% increase a spokesman from the Better Retirement Group told the BBC.

Meanwhile the Association of British Insurers (ABI) predicts a 10% fall in life insurance costs for men, and a 30% rise for women.

Do remember though that these figures are just a guide at the moment – more will be known as the deadline draws nearer.

Is there anything you can do to avoid paying more?

During the transition period, your insurance company will contact you to let you know about their new policy documents and premiums. Once you know how much you’ll be charged, the advice is the same as ever – simply to shop around and see if you can find a better deal elsewhere.

Do bear in mind that other risk factors – such as age and health – used to calculate insurance premiums will still affect prices. So, if nothing else, you can downsize your car or quit smoking for instance, to help keep your costs down.

It is also worth saying that when it comes to life insurance, the Association of British Insurers (ABI) has said that ‘most customers who have bought and finalised a policy before 21 December 2012 should not be affected’. So, if you’re a woman considering taking out a life insurance policy, doing so before that date could stand to save you some money.

The above inflation increase will bring the typical water bill to £376 per household, up by an average of £20. The 0.5% above inflation increase was considerably below the 10% rise in prices the water companies were pushing for, according to the regulator. The hike is part of a five-year program of annual prise rises to help fund £22 billion worth of investment in the country’s water and sewerage infrastructure.

Ofwat said the price was made up of November’s Retail Prices Index (RPI) measure of inflation of 5.2% plus 0.5%.

Stark variations were notable in different regions around the country, with homeowners in the Southern district seeing their water and sewerage costs rising by 8%, while those served by Dwr Cymru will have an extra 3.8% added to their bill. The increases will take the annual cost of water and sewerage in the South West area to £543 a year – the highest in the country. Households in the Severn Trent region will only have to pay £325 on an annual basis when the price rises take effect, while London residents served by Thames Water will pay £339.

Regina Finn, Ofwat Chief Executive Officer said: “When we set limits on prices, we listened to customers. They told us they wanted bills kept down, while maintaining safe, reliable water supplies. We challenged companies hard to deliver this. Our decision meant that, before inflation, average bills would remain broadly stable between 2010 -15.”

“We understand that any bill rise is unwelcome, particularly in tough economic times. Inflation feeds through into water bills, and this is driving these rises.”

“We will make sure customers get value for money. Companies are investing £22 billion by 2015 – more than £935 for every property in England and Wales. This will deliver benefits to us all – from continuing to improve reliability of supplies to cleaner rivers and beaches.”

“If companies don’t deliver on their investment promises, we will take action.”

Dame Yve Buckland, Chair of the Consumer Council for Water, said the price rises could push more households into water debt: “Companies need to tell their customers very clearly what they are getting for their money and to help customers who are having difficulty paying their bill.”

“We will be working with companies and the regulator throughout the next price review to ensure that future water prices are acceptable and affordable. We will also applaud those companies who are currently exploring different ways of mitigating the impact of inflation on their customers.”

“Anyone struggling to pay their water bill should contact their company immediately. They can usually offer more flexible payment options, such as weekly or monthly payment plans. In some cases they may also be able to help through special assistance funds, or schemes to help eligible customers reduce their water bills.”