Land Registry reports 0.2% rise in January house prices

Land Registry reports 0.2% rise in January house prices

According to the Land Registry, house prices rose by 0.2% in January compared with December, putting the average cost of a home at £163,177 in England and Wales.

However, on an annual basis, the Registry said prices fell 0.9% in January - the first negative reading since October 2009.

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 Registry said all property types in England and Wales fell in value last month on an annual basis.

The prices of semi-detached homes fell the most, declining by 1.6% on a yearly basis to an average of £153,663.

Meanwhile, detached homes fell in value by 0.2% on an annual basis, while terraced homes lost 0.8% in value. Flats and maisonettes fell by 1.3%.

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 Government’s spending cuts.

Furthermore, 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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