Mortgage News
Land Registry: Annual house prices down 1.9%
House prices edged up 0.3% in the month to November but fell by 1.9% over the year, the Land Registry has revealed.
This compares with the latest house price data from Nationwide Building Society which showed that house prices fell by 0.2% in December but increased by 1% in 2011 as a whole.
According to the Land Registry’s house price index, the average property value in England and Wales stands at £160,780.
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 1.4% increase.
The North West experienced the greatest monthly rise with growth of 1.4 %, while the North East experienced the greatest annual price fall at -5.4%.
The Land Registry said that during September 2011, the number of completed house sales in England and Wales increased by 6% year-on-year to 61,031 from 57,463 in September 2010.
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The number of properties sold in England and Wales for over £1m in September 2011 increased by 1% to 729 from 720 in September 2010.