Land Registry reports 16.5% annual fall in house prices

Land Registry reports 16.5% annual fall in house prices

Official figures from the Land Registry show house prices in England and Wales falling a further 2% during February, taking the annual rate of decline to 16.5% and marking 18 consecutive months of sliding values.

According to the data, the average price of a house now stands at £153,862, a level last seen in September 2004.

By comparison, the Halifax house price index showed a 2.3% fall in the average house price in February, with the average value down £3,800 during the month, to £160,327.

The index showed an annual decline of 17.7%, based on a three month average.

Returning to the Land Registry figures, during February the North West saw the steepest monthly slide, with properties losing 4.1% of their value.

For Wales and the West and East Midlands, the end-February average price was down 3% on a month earlier.

In terms of annual falls, the West Midlands heads the field with 17.7% shaved off the price of the average property, followed by Wales at 17.6%.

The North West and South West are at level pegging with properties losing around 17% of their value in the 12 months to the end of February.

Homeowners in the North East are the most fortunate in terms of preserving equity in their properties, with the annual fall at 14.2%.

The Registry’s most recent figures on transactions show that during December the number of completed house sales fell by an annual 55% to 36,341.

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