04/05/2011

House Prices Continue To Fall

The North East of England has experienced the greatest annual price fall in house value as the March data from Land Registry's House Price Index revealed an annual price decrease of 2.3% which takes the average property value in England and Wales to £160,996.

The monthly change from February to March is a decrease of 1.1%.

Only one region in England and Wales experienced an increase in its average property value over the last 12 months. This was London with an annual price change increase of 0.8%.

The region which experienced the greatest monthly rise was the North West with a movement of 0.7%.

However, the North East experienced the greatest annual price fall with a decrease of -9.3%. Wales is the region with the most significant monthly price fall with a movement of -3.3%.

The most up-to-date figures available show that during January 2011, the number of completed house sales in England and Wales rose by 2% to 36,425 from 35,809 in January 2010.

The number of properties sold in England and Wales for over £1 million increased by 6% between January 2010 and January 2011, from 460 to 486.

(CD/GK)

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