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House prices down year-on-year

House prices down year-on-year

Category: Mortgages

Updated: 28/02/2011
First Published: 28/02/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices have registered a first annual fall for almost a year and a half, despite a small rise in January.

There was a small growth in monthly house prices last month, with a movement of 0.2% - the first time in five months that the figure has been above zero.

It meant that the average price of a property at the end of January was £163,177 in England and Wales, figures from the Land Registry show.

Despite the monthly increase, the annual rate of change in house prices turned negative for the first time since October 2009.

Prices in January were 0.9% less than they were in the same month last year.

In addition, activity in the housing market has also taken a tumble; the number of purchased properties fell from almost 60,900 sales per month from August to November 2009, to an average of 57,244 in the same months in 2010.

Every type of property – detached, semi-detached, terraced and flat/maisonette – has fallen in value over the last 12 months.

Semi-detached homes have seen their values fall the most sharply, with an annual decrease of 1.6%, while detached property values dropped by 0.2%.

Just two regions in England and Wales have experienced increases in their average values over the last year.

The East has seen values rise by 0.2% but it is London that has seen the most significant gains.

Prices have risen by 2.4% in the capital, although this is the smallest annual figure registered since October 2009.

The average property in London is now worth £341,177.

Wales is the region with the most marked monthly price fall, with a movement of -4.2%.

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