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House market static in June

House market static in June

Category: Mortgages

Updated: 28/07/2011
First Published: 28/07/2011

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The property market is stuck in a state of flux, with prices remaining static in June, Government figures have revealed.

Prices at the end of last month averaged £161,479 across England and Wales , Land Registry data shows.

Over the last year, prices have fallen by 2.5% on average, the greatest decline seen since October 2009; it is the sixth month in a row where a yearly fall has been in evidence.

Indeed, just one location in England and Wales has benefitted from an increase in prices, with London property prices rising by 0.8% over the last year.

At the end of June, somebody buying an average priced property in the capital could have expected to pay just shy of £339,500 – making it by far the most expensive place to buy.

However, prices in London have now fallen for two months in succession.

The next most expensive place to buy a home is the South East, where people can expect to part with £208,300 to secure their home sweet home.

The cheapest place to buy a house is the North East, where the average abode is priced at £101,440. Prices in the region fell by another 2.1% in June, meaning homeowners have seen an average of 7.1% shaved off the value of their properties in the last 12 months.

Wales was the place where homeowners gained the most in June, with a monthly increase of 2.8%, taking the average price to £120,480.

Figures also showed that the number of property transactions has fallen over the last 12 months.

Between January and April 2010, there was an average of 45,509 sales per month; over the same period this year, the figure had fallen to 42,733

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