Official: house prices remained flat in August

a�?Official:

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 A?202, falling in value to A?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 A?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 A?160,224, up from A?158,871 in July, with the rise slowing the annual rate of decline to an almost acceptable 2.7%.

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