House prices fall by 1.6% over the last year - Mortgages - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

House prices fall by 1.6% over the last year

House prices fall by 1.6% over the last year

Category: Mortgages

Updated: 12/07/2011
First Published: 12/07/2011

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 It is now over 6 months old so the content may be out of date.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 fallen by 1.6% over the last year, official Government figures show.

Data from the Department for Communities and Local Government show that the average value of a home in the UK declined by 0.5% in May, to just over £203,500.

However, excluding London and the South East, the average UK price in May was £168,381, a fall of 2.6% over the previous 12 months.

There were large differences between losses in England , Wales , Scotland and Northern Ireland .

Northern Irish homeowners will want to forget the trends of the last year, as the average property in the country has fallen by 13.2%, down to £144,463.

In Wales, property declined in value by an average of 6.1% down to £140,399, while a home in Scotland has dropped to an average price of £160,359 (-2.5%).

England saw the least significant fall in house prices – helped by the resilient South East and London – with the average home falling by 1.3% in value.

It means that at the end of May, a buyer in England could have expected to buy a home for £211,243.

Unsurprisingly, London remains the English region where a home is least affordable. A buyer looking to secure a pad in the capital faces an average price of just more than £334,500, with prices well in advance in more popular and central locations.

In fact, London was the only location in the entire UK that recorded an annual rise in prices (1.0%).

The North East has the lowest average price in England , at £132,107, reinforcing the North-South divide in prices.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.
 
Close