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House prices fell by 1.3% in 2011

House prices fell by 1.3% in 2011

Category: Mortgages

Updated: 30/01/2012
First Published: 30/01/2012

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 It is now over 6 months old so the content may be out of date.

House prices fell by 1.3% in England and Wales in 2011, with only London bucking the national trend.

Figures from the Land Registry show that the average price of a property fell to around £160,000 last year, with no change in values during December.

The annual change in house prices has not risen above zero on a national level since December 2010.

The figures support recent data from Halifax which also reported a 1.3% decline in house prices in the UK last year.

The actual number of homes sold also dropped last year, figures show.

Of all the regions in England and Wales , just London saw the value of its homes rise, with the average price of an abode in the capital increasing by 2.8%.

Somebody looking to buy a home in London can expect to be parted with an average of £345,300, although many boroughs demand far higher prices.

By contrast to other regions, London has not seen the annual change in prices drop below zero since September 2009.

It continues a trend of significant differences across the country.

The North East saw the most pronounced annual fall in prices, with a drop of 7.1% in the region. It means that buyers can now expect to buy a property in the area for less than £100,000, making it the most affordable in England and Wales .

The region saw the cheapest house sale in 2011, with a terraced property picked up for just £16,000 in Middlesbrough.

Unsurprisingly, the most expensive home was purchased in London, with a detached property in Hampstead in the north of the city demanding an eye-watering price tag of £19.25 million.

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