House prices fall in London - Mortgages - News - Moneyfacts


House prices fall in London

House prices fall in London

Category: Mortgages

Updated: 01/05/2012
First Published: 01/05/2012

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 It is now over 6 months old so the content may be out of date.

There was a surprise fall in house prices in London during March, new figures show.

Prices in the capital fell by 1.8% during the month, taking the average price of a property to £343,522, although over the last year London has seen prices rise by 0.7% - the highest of any region in England and Wales , figures from the Land Registry show.

The annual change in the capital has now fallen below zero since September 2009.

Across England and Wales , prices fell by 0.6% during the month, with the average cost of a home falling to £160,372.

The North East benefitted from the greatest monthly rise, as prices in the region increased by 5.6% (up to £101,676).

By contrast, Wales suffered both the greatest monthly and annual fall of all regions; prices fell by 4.1% in the month, and 5.5% across the year.

Over the last two years, the number of house sales has remained relatively consistent.

In the months October 2011 to January 2012, sales volumes averaged 55,661 transactions per month.

This is an increase from the same period a year earlier, when sales volumes averaged 52,363 per month.

In addition, the number of properties sold in England and Wales for over £1 million in January 2012 fell by 6% from 467 to 497 in January, with the majority (315) snapped up in London.

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 Any products featured may be withdrawn by their provider or changed at any time.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On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market.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.