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Land Registry data reflects market slowdown

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by Gill Montia

The Land Registry has published figures for September giving further evidence of a slowdown in house prices in England and Wales.

The annual inflation rate for residential properties fell to 8.7% in September, down from 9.4% in August.

The figure, described by the Land Registry as a “noticeable dip”, supports recent surveys from lenders, surveyors and Government.

The cost of a home in England and Wales rose by 0.4% during the month, taking the average price paid to £183,896.

However, London prices are still rising much faster than in the rest of the country, increasing by 1.3% in September.

The annual inflation rate for the capital now stands at 16.5%, with the average price of a house £354,272.

According to a Land Registry statement “The September data shows that for the sixth consecutive month, the rate of monthly increase for London house prices remains clearly greater than that of England and Wales as a whole.”

Across England and Wales the number of properties being sold in the lower price band has been falling.

The number of homes sold for between £100,001 and £150,000 fell by 18% in July, which is the last month for which the data is available.

However, in London, only 47 properties were sold within that price range during July.

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News posted: October 29, 2007

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