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House price decline easing

House price decline easing

Category: Mortgages

Updated: 26/06/2009
First Published: 26/06/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Latest figures from the Land Registry show that house prices in England and Wales fell by 0.2 per cent in May, meaning the annual rate of decline has slowed to 15.9 per cent.

The fall mirrors the 0.2 per cent decline in April, taking the average house price in the UK to £152,497. The monthly falls in house prices appear to be easing somewhat; in March the decline was 0.5 per cent.

Wales had the biggest positive monthly rise, recording a 1.2 per cent increase, taking average property prices there to £119,990.

All regions in England and Wales have experienced a fall in average house prices over the last 12 months, but the region hit hardest has been the North East, where figures have dropped by 17.2 per cent.

The district that has been hit hardest is the Manchester metropolitan area, where property prices have plummeted by almost 24 per cent.

Kevram Thukram, managing director of predicted that further slight falls will follow, as first time buyers struggle to secure deposits

"Most landlords are in the fortunate position of needing less debt," he commented.

"This is a perfect opportunity for them to invest in further properties while they offer the best value for money – securing good yields for the future while expanding their portfolios."

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