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Official: house prices remained flat in August

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by Gill Montia

New figures from the Land Registry show house prices in England and Wales remaining largely flat in August with an average 0.1% fall across the regions, when compared to July.

The news follows a rally in July when prices put on an average 1.7%, compared with June, marking the biggest monthly increase since July 2004.

However, last month the average property lost £202, falling in value to £155,968 and registering an annual rate of decline of 9.4%, which was nevertheless a considerable improvement on the annual low of -16% seen in February.

In London prices rose 0.8% in August, easing the annual price movement to -6.2% and taking the average value of a London home to £310,640.

The north-west of England saw the steepest annual decline, at -12.7% followed by Yorkshire and Humber (-12.3%) and the East Midlands (-10%).

By property type annual falls were as follows: detached -7.2%; semi-detached -9.3%; terraced -11.6%; flat/maisonette -9.4%.

Between March and June, house sales in England and Wales averaged 41,911 per month, having plummeted from an average 60,997 a year earlier.

However, the Registry says a pattern of slightly increased transaction volumes is beginning to emerge in both London and England and Wales as a whole.

By way of comparison, Nationwide reported 1.6% monthly gain for UK house prices in August, with values increasing for the fourth consecutive month.

The building society’s index put the average price of a property at £160,224, up from £158,871 in July, with the rise slowing the annual rate of decline to an almost acceptable 2.7%.

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News posted: September 28, 2009

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