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

News

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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.
 
Close