Official: house prices in steepest decline since 2009

| May 5, 2011 | 0 Comments
”Official:

Latest figures from the Land Registry show house prices in England and Wales falling by 1.1% in March, marking the largest monthly decline seen since February 2009.

The only region to experience a monthly rise was the North West, with an upward movement of 0.7%, while in Wales house prices tumbled by 3.3%, compared with February.

On an annual basis the value of the typical home had fallen by 2.3% in March, to £160,996, with only London seeing an increase over the last 12 months (0.8%).

However, prices in the Capital slipped 0.1% during March, taking the average house price to £336,828.

Regionally, the North East experienced the greatest annual price fall, with a decrease of 9.3%.

According to the Registry’s most up-to-date figures, the number of completed house sales in England and Wales rose by 2% in January compared with a year earlier, to 36,425, and the number of properties sold for over £1 million increased by 6%, to 486.

Whilst trailing behind other commentators on the market, the Land Registry’s index is regarded as the most reliable because it is the only index based on repeat sales.

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