Land Registry reports 0.2% fall in December house prices

| January 31, 2011
Land Registry reports 0.2% fall in December house prices

According to the Land Registry, house prices fell by 0.2% in December compared with November, putting the average cost of a home at A?163,814 in England and Wales.

The Registry said house prices are now just 1.5% higher than a year ago.

It must be noted that the Land Registry compiles its data from completed transactions and therefore lags behind other monitors of the housing market but is generally regarded as the most authoritative.

Meanwhile, the Land Registry said five regions in England and Wales experienced gains in their average property values over the last 12 months.

The highest price change is in London, which has experienced an annual increase of 6.2% and a monthly gain of 1%.

House prices across England and Wales have gradually fallen over recent months and are expected to continue their downward trend – particularly in light of the uncertainty regarding the economy and the Governmenta��s spending cuts.

Mortgage approvals and house sales continue to fall and the housing market is expected to remain subdued throughout 2011 as a result.

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  1. Tom Thomas says:

    Although January is normally a sluggish month, I would put money on the property market being very busy as usual in spring with prices possibly showing signs of increasing. There simply is not enough stock available.