Land Registry records 8% decline in house prices

| October 28, 2008 | 0 Comments
Land Registry records 8% decline in house prices

The Land Registry has published house price data for September, showing the cost of the average home down 2.2% (£5,700) during the month, to £168,814.

The decline means that house prices in England and Wales have fallen 8% over the year, although the rate of decline accelerated last month, from 4.6% in August.

Wales saw the biggest monthly fall with residential property prices down 5.5% during the month; the average cost of a home in the region is now £126,530, down 10.7% on the year.

London saw the smallest decrease, at 1.5%. The average price paid for a property in the capital was £328,927, down 6.1% on September 2007.

While most London Boroughs recorded an annual decline, average prices in Barking and Dagenham, Camden, Westminster, Hackney, Harrow, Kensington and Chelsea, Lewisham and Southwark were still showing gains at the end of September.

House prices are also up in certain towns and cities: in Hartlepool the average cost of a home is £115,018, 4.7% higher than in September 2007; Windsor, Maidenhead, Stoke-on-Trent, Neath Port Talbot and Rochdale have all seen annual rises of up to 1%.

Finally, the Land Registry reported that the volume of property sales fell to 58,000 between April and July, down from 111,000 in the same period of 2007.

As the data from the Land Registry is based in completed sales, it lags other house price indices such as the Nationwide and Halifax.

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