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London bucks trend of falling house prices

Wednesday, 16 November 2011 12:20 PM

Only London bucked the trend of falling house prices, according to the DCLG house price index.

Official government figures confirm that London alone is bucking the trend of falling house prices throughout the UK.

Prices rose 2.8 per cent in the capital in the year to September, according to the house price index published by the Department for Communities and Local Government.
The fall in prices was 1.1 per cent in England as a whole, 3.3 per cent in Scotland, 3.4 per cent in Wales and 11.6 per cent in Northern Ireland.

The average price of a home across the UK is now £207,326, with averages ranging from £346,618 in London to £130,835 in the North East.

Across the month of September prices rose in three regions, led by the South East with +0.6 per cent, and fell in six, with the biggest decline coming in Yorkshire and the Humber (-2.5 per cent).

The prices of new and second-hand homes continued to diverge. The average price for a pre-owned home fell 2.1 per cent in the year to September and by 0.7 per cent during the month.

In contrast, the average price paid for new properties increased by 8.8 per cent over the year to September. This probably reflects moves by housebuilders to increase their margins by building bigger homes.

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