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House prices down 2.6 per cent on a year ago

Monday, 31 October 2011 9:12 AM

House prices fell 0.3 per cent in September and are down 2.6 per cent over the last year, according to new figures from the Land Registry.

Only London bucked the negative trend over the last 12 months, with an increase of 2.7 per cent.

Prices in all other regions fell, with the North East (-8.2 per cent) and Wales (-5.8 per cent) seeing the biggest declines.

The North East (-3.9 per cent) and Wales (-1.7 per cent) also saw the biggest falls in September, followed by East Midlands (-1.6 per cent) and East (-1.1 per cent).

The biggest increase in September came in the North West (+1.0 per cent) but the South West, Yorkshire and the Humber and London were also in positive territory.

The average price of a home in England and Wales is now £162,109, with London most expensive at £349,026 and the North East cheapest at £100,616.

The Land Registry index is widely seen as the most accurate set of house price statistics because it includes a larger sample size of all residential property sales.

Separate figures show that the number of completed house sales in July 2011 was down 11 per cent on July 2010 at 59,919. 

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