Mortgage News
London only area with positive price growth; 0.9% falls UK-wide in October
London was the only area in the UK to see annual growth in property prices, with prices across the country falling 3.2% over the same period.
October house prices continued the negative trend falling 0.9% since September, according to the Land Registry, which reported the average property in England and Wales selling for £159,999.
Nationwide, prices fell 0.9% from September to October.
The North-South divide continues to widen in terms of house price performance, with the East seeing the greatest monthly rise of 0.7%. Wales experienced the most significant monthly price fall with a decrease of 3%, where the North East experienced the greatest annual price fall with a decrease of 7.2%.
To August, the number of annual completions rose 1% to 62,010 from 61,469 in August 2010.
For more statistics, see Land Registry figures
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A Hometrack report out today suggests 2011 could end with the lowest level of housing turnover for 40 years. This year’s figures are 50% lower than 2007 and at 840,000, equates to the average home changing hands every 26 years.
Lucy Pendleton, managing director of estate agents, James Pendleton, said: “Market and consumer sentiment have weakened quite dramatically since the late summer and this is clearly feeding through into prices. Unlike other areas, specifically the North and Wales, London is at least in positive territory on an annual basis. But the market has caught up with it.”
“Despite the trending down in prices, there are still areas of resistance. Good properties in sought-after areas can still command good prices. But thin transaction levels continue to distort prices and the perception of where the market is going,” she added.