2011 House Prices Down 3%

Britain's house prices have tumbled by another 3% this year according to official figures published on Monday morning.

The October data from Land Registry's flagship House Price Index showed an annual price decrease of 3.2%, which takes the average property value in England and Wales to £159,999.

September to October of this year saw a decrease of almost 1%, continuing the negative monthly price change seen in September.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 0.3% where the East experienced the greatest monthly rise with a movement of 0.7%. The North East experienced the greatest annual price fall with a decrease of 7.2%.

The index revealed that the most up-to-date figures available show that during August 2011, the number of completed house sales in England and Wales increased by 1% to 62,010 from 61,469 in August 2010.

The number of properties sold in England and Wales for over £1 million in August 2011 decreased by 7% to 714 from 764 in August 2010.

On Friday Jack Dromey, Labour's Shadow Housing Minister, said Britain was undergoing the worst housing crisis in a generation saying there were millions in need of a "decent home" who saw only fifty-six affordable homes started in London, one in the East of England and none in the North West.

"David Cameron’s Government has no answers, they have committed to giving back only 10% of last year's £4 billion cut to Labour’s housing investment programme to build just 3,200 affordable homes."


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