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House prices continue to fall

House prices continue to fall

Category: Mortgages

Updated: 28/09/2011
First Published: 28/09/2011

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 It is now over 6 months old so the content may be out of date.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 0.3% in England and Wales in August, meaning values have dropped in three of the last four months.

The figures from the Land Registry show that house prices have fallen by 2.6% over the last 12 months, taking the average price of a property to £162,347.

The only region in England and Wales to have recorded a rise in prices over the last year is London , where values have increased by 2.1%.

Somebody buying a home in the capital can now expect to part with around £348,700 – way in excess of the national average.

The next most expensive place to buy a property is the South East, where the average price stands at £207,189.

By contrast, the cheapest place to buy a property in England and Wales is the North East, where the average property is on the market for around £101,759.

As well as falling values, the number of homes actually being snapped up has decreased.

In March to June last year, there was an average of 54,650 sales per month.

However, in the same months in 2011, the figure fell by around 9%, down to 49,785 sales per month.

The Land Registry said that the number of homes being bought in the UK and Wales over the past six months has remained relatively consistent.

Today's figures represent more evidence that the housing market in the UK is in something of a subdued state, with the amount of activity well down on long term trends.

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