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House prices continue to fall

House prices continue to fall

Category: Mortgages

Updated: 15/11/2011
First Published: 15/11/2011

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House prices have continued to fall, and are down on a monthly and yearly basis, official Government figures show.

Data from the Department for Communities and Local Government (DCLG) show that UK house prices fell by 1.4% over the 12 months to the end of September.

Prices also fell by 0.7% in September, meaning the average value of a home ended the month at £207,326.

There were large scale differences across the UK over the 12 months, with Northern Ireland hit hardest by price declines, as values fell by an average of 11.6% to £140,726.

The value of a home in Wales fell by 3.4% in the 12 months to September, down to £147,869, with declines of 3.3% in Scotland , with prices down to £160,459.

In England , the average house price fell by 1.1%, down to £215,311.

But the heavy demand for homes in London and the South East has inflated the figures; therefore discounting the regions, the average price of a home in England ended September at just short of £170,000 – down 3% over the last year.

In fact, London is the only region in the whole of the UK that has seen prices rise over the last year.

Property values in the capital rose by 2.8% over the 12 months to September.

By contrast, the region where homeowners have been hit hardest is the North East, where average prices have tumbled by 5.2%.

The figures are consistent with other housing market data, with the market having changed little in the last year.

Experts have predicted that the next 12 months are likely to be a carbon copy, with subdued activity and stagnant prices.

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