House Prices Take September Dip

Data from Land Registry's House Price Index has revealed an annual price decrease of 2.6%.

The average property value in England and Wales is now £162,109, representing a monthly change from August to September of 0.3% down. This continues the negative monthly price change seen in August of -0.1%.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London rising 2.7%. The North West experienced the greatest monthly rise with a movement of 1.0% while the North East saw the greatest annual fall with a decrease of 8.2%.

According to property experts Hometrack on Monday, the number of areas reporting price falls increased in October, with more than a third of postcodes registering decreases compared with 25% in September.

The website said the worst hit areas were the West Midlands, East Midlands and the North East. Prices in London, meanwhile, remained flat after seven months of consistent rises.

Meanwhile, the report also showed that during July 2011, the number of completed house sales in England and Wales decreased by 11% to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 also decreased by 24% to 707 - a fall of over 200 since July 2010.

A spokesman for Hometrack said: "This turnaround in fortunes is important as above-average price rises in London have flattered the headline rate of growth over recent months."

Demand, which has been flat for the past six months, fell for the third consecutive month in October. On the supply side, the number of properties listed with agents increased 1.3%, up 11% over the past six months.


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