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National house prices fell in September – Land Registry

by: Paul Robertson
  • 28/10/2014
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National house prices fell by 0.2% in September, according to the latest Land Registry house price index.

The annual price change now stands at 7.2%, bringing the average house price in England and Wales to £177,299.

However the number of property transactions has increased over the last year. From April 2013 to July 2013 there was an average of 64,317 sales per month. In the same months this year, the figure was 75,950.

Commenting on the national figures, Jeremy Duncombe, director of Legal & General Mortgage Club, said: “A cooling of the rapid house price rises seen so far this year is no bad thing and may be due in part to the uncertainty over what will happen to interest rates.

“Amid this landscape, consumers seem to be more reluctant to either move house or look for a new mortgage deal. However, now is a good time for borrowers to reassess their options, as the lowest deals will disappear well ahead of any base rate rise from the Bank of England.”

London’s house price figures showed a larger fall, dropping 0.7% in September.

However, at 18.4%, the annual change for London is considerably higher than other regions.

The average price of property in the capital is £460,521 in comparison with the average for England and Wales of £177,299.

Mark Harris, chief executive of SPF Private Clients, said: “The London property market is finally starting to run out of puff, as far as the Land Registry is concerned. 

“Lenders are keen to do plenty of business in the run-up to the end of the year regardless of any change in sentiment among buyers and continue to up the ante by offering ever cheaper fixed rates.”

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