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Land Registry: House prices down 3.2 per cent

Monday, 28 November 2011 11:37 AM

House prices are down annually by 3.2 per cent according to the latest house price index from the Land Registry.

The October figures show a marked 0.9 per cent drop across the UK since September, but the fall is most pronounced in Wales where prices dropped off by three per cent.

The North East remains the biggest overall faller with 7.2 per cent shaved off house prices since this time last year.

London remains the only region where house prices are up on last year (0.3 per cent), however with a 1.6 per cent fall between September and October there are signs that the capital may not be as immune to the tumultuous property market as previously thought.

Particularly striking is the 0.2 per cent drop in the London borough of Kensington and Chelsea, which the month before had risen by 3.7 per cent.

The biggest monthly rise was 0.7 per cent in the East, closely followed by the East Midlands and Yorkshire & The Humber on 0.4 per cent.

The South East was the only other region to enjoy a monthly rise, going up 0.2 per cent.

Terraced houses have been the biggest loser over the last 12 months, falling in value by 5.2 per cent, compared to a two per cent fall for detached properties.

Mark Montgomery, commercial director of 1st Property Lawyers, said: “The 0.9% monthly fall in average house prices nationally hides a complex regional picture where nearly half of the regions experienced a modest price rise in October, offset by more significant reductions in London, Wales and the North of England.

“Areas where prices have fallen may provide additional encouragement for motivated first time buyers who are not supported by the government’s mortgage indemnity scheme. Well priced properties are continuing to sell and activity levels in much of the market are holding up extremely well at the end of November."

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