Land Registry reports 0.8% fall in February house prices

| March 28, 2011
Land Registry reports 0.8% fall in February house prices

According to the Land Registry, house prices fell by 0.8% in February compared with January, putting the average cost of a home at £162,215 in England and Wales.

However, on an annual basis, the Registry said prices fell by 1.7% in February.

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 house prices in London were up 3.2% in the year, and in the East of England rose by 1%.

However, the largest fall reported was in the north-east of England, where prices fell 4% month-on-month in February.

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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