House price crash too much? Check out Land Registry data

| September 9, 2008 | 0 Comments
House price crash too much? Check out Land Registry data

Each month the Land Registry publishes data on the UK housing market, with the figures one month behind those of other leading commentators.

However, the Land Registry’s tables are based on completed transactions and as such form the most reliable source of data on house prices.

The latest figures available show that in July, house prices in England and Wales fell by 2% when compared with July 2007, taking the average price of a home to £178,364.

The month-on-month decline from June’s average house price of £179,455 stood at 0.6%.

By comparison, the Halifax house price index shows a monthly fall of 1.7% in July, giving an annual rate of deflation of 8.8%.

Meanwhile Nationwide also logged a 1.7% fall in house prices in July with the cost of the average home at £169,316, down from £172,415 in June and giving an annual declined of 8.1%.

Land Registry figures cover England and Wales only but the inclusion of Scotland in other market data is hardly likely to account for the discrepancy, particularly in view of the fact that Scotland has been bucking the trend during the housing market downturn.

Returning to the Land Registry tables for July, both London and the North East saw a month-on-month average property price rise of 0.7%.

The East Midlands and Wales saw the greatest annual declines at 5.1% and 4.4% respectively.

The Land Registry press office says it is well aware of the discrepancy between its data and that of leading lenders but can offer no explanation other than to suggest that lenders’ figures are based on approved loans and therefore a lender’s client base will influence calculations.

Data for August will be published by the Land Registry on 20th September.

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