Land Registry reports 15.1% annual fall in house prices

The Land Registry has become the latest contributor to depressing statistics on the UK housing market.

The body, which reports one month behind other house price commentators, calculates that in January house prices in England and Wales were 15.1% lower than a year earlier.

The average value of a home fell 0.8% on December, marking the 17th consecutive monthly fall.

The average cost of a property declined to £156,753 (down almost £28,000 on January 2008) with the steepest falls seen in Wales and the South West of England.

Wales saw an absolute slump in monthly terms, with 8.8% wiped off the average price of a home, although the Land Registry mentions that the region experienced an “exceptionally small” volume of sales, adding that the rolling average figures for Wales indicate a monthly 1% fall.

By the end of January, all regions of England and Wales had seen house prices fall by at least 12% year-on-year.

Annual price falls by property type are as follows: flats 17.3%; terraced houses 16%; semi-detached residences 15.7%; detached houses 12.2%.

Turning to house sale volumes, the latest figures available from the registry are for November, when 33,404 transactions were completed or 67% fewer than a year earlier.

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