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Wednesday 10th of June 2009
June 1, 2009

Land Registry tracks 0.3% April fall in house prices


by Gill Montia
Land Registry tracks 0.3% April fall in house prices

House prices in England and Wales fell 0.3% in April, according to Land Registry data.

The shift left the annual rate of decline steady from March at 16.2% and the average cost of a home at £152,898 or £29,659 less than a year earlier.

The North East saw the most significant price fall during the month, with a movement of -2.6%.

London recorded a positive monthly change of 1.4% in April, taking the average property value in the capital to £302,411.

The East and West Midlands, the Eastern region, Wales and the South East also saw price rises.

On an annual basis, the South West recorded the biggest price fall in April at 18%, followed by the North East and South East at 17.3% and 17.2% respectively.

Finally, the number of recorded property transactions decreased to an average 31,315 per month during the period November 2008 to February 2009; in the same period the year before, the average stood at 75,374.

The Land Registry’s figures are a month behind those of other commentators on the market because they are based on completed transactions.

The latest house price index from Nationwide showed a 1.2% rise in average house prices in May and was followed today by a report from housing intelligence firm, Hometrack, stating that house prices in England and Wales stabilised last month, following a 20 month period of decline.

However, both Nationwide and Hometrack warned that the deteriorating economy will continue to put downward pressure on prices in the months ahead.

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