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Category: Mortgages Date: 1/30/2012
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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