Land Registry: House prices fall 1%
Monday, 28 July 2008 12:00 AM
The latest figures from the Land Registry illustrate a continued fall in the average price of property in the UK.
Official figures - which measure the sale price of every transaction in England and Wales - show prices dropped by one per cent between May and June.
As a result, annual growth has now slipped to just 0.1 per cent - the tenth consecutive decline in the rate of annual growth.
The average cost of a property now stands at £180,781.
The largest falls in price were recorded on semi-detached property, which saw average costs slip 0.6 per cent over the last year - to an average of £169,296.
Land Registry figures, which are delayed by a month, show the price of terraced property increased by 0.1 per cent over the last year, while flats remained stable and detached properties increased by 0.8 per cent.
This suggests the top end of the property market is less vulnerable to the ravages of the credit crunch.
Geographically, it was London which suffered the most in June. Average prices fell 2.5 per cent over the month, bringing the annual rate of growth down to just 2.4 per cent.
The north-east now leads national growth, with prices up 4.1 per cent over the last year, to an average of £133,508. The region was also the only one to recorded monthly growth in June, with prices up 3.1 per cent.
Other big fallers included the West Midlands and East Anglia, which saw prices fall 1.7 and 1.9 per cent respectively during June.
Sales volumes also continued to decline across the country.
Between January and April 2008, transaction volumes averaged 57,507 transactions per month. This is a 39 per cent decrease from the same period last year, when sales volumes averaged 93,917.
City of London, Rutland, Merthyr Tydfil, Blaenau Gwent, Ceredigion and Torfaen were all areas where transaction levels fell sharply.
Chris O'Toole
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