Mortgage News
Average house prices 2.6% lower than a year ago
Average house prices in England and Wales continue to stagnate, with the average price 2.6% lower than a year ago, although micro-regions, like London, continue to out-perform.
Figures from the Land Registry showed that house prices fell 0.3% from July to August, reaching £162,347.
It was the third fall in the past four months and shows the annual rate of house price decline has changed little during that time.
The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.1%.
The East experienced the greatest monthly rise with a movement of 0.8%, while the North East experienced the greatest annual price fall with a decrease of -7.8%.
Wales experienced the most significant monthly price fall with a movement of -1.7%.
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The number of completed house sales in England and Wales decreased by 13% to 54,776 from 62,714 in June 2010.
The number of properties sold in England and Wales for over £1m decreased by 28% between June 2010 and June 2011, from 644 to 465.
Lucy Pendleton of estate agents, James Pendleton, said: “Reflecting the ongoing volatility in the market, house prices are down again in August after a fairly upbeat July.
“London, with its unique climate, once again stands out as the most resilient local market in the UK. While London prices float upwards due to a shortage of property and strong demand, not least from wealthy foreign buyers attracted by the cheap Pound, for the rest of the UK it is not quite so positive.
“The gulf between London and the rest of the country is becoming more acute, with the average home in the capital now costing 2.15 times as much as the average in England and Wales.”