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January House prices rise 0.9%

Thursday, 28 February 2008 12:00 AM

House prices in England and Wales increased by 0.9 per cent in January but have suffered a slump over the last year, new figures reveal.

According to the Land Registry's house price index for January, there has been a decline in annual house price changes, from 6.7 per cent last month to 6.4 per cent this month.

This is the fifth consecutive month where there has been a fall in the annual growth rate and will further fuel predictions the housing market is to go through a correction in 2008.

The monthly house price index highlighted some interesting regional differences. The figures show the north-west of England has experienced the largest house price increases and monthly growth in the region in January was two per cent.

It boosts the average house price in the region up to £139,362, which compares to the UK average house price of £186,045.

Still, it does not begin to compare with the high prices being experienced in London. The capital's property saw a huge annual growth of 13.1 per cent which means average house prices in January stood at £357,976.

The Land Registry flagged up other regions with significant price changes. Its report said: "The highest monthly price increase was in Manchester, with a rise of two per cent. Knowsley experienced annual growth of 0.6 per cent, making it the lowest performing metropolitan district this month.

"Liverpool had the most significant monthly price falls during January with a movement of 1.1 per cent."

Meanwhile, throughout the UK, sales were down according to the Registry. The average number of transactions recorded between August and November 2007 was 100,648 per month. This was a large reduction on the 117,173 per month experienced during the same period in 2006.

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