House prices drop 8%
Tuesday, 28 Oct 2008 12:51
House prices fall by 8%
UK house prices fell eight per cent in the last year.
The latest data from the Land Registry – picking data from sales – values the average home at £168,814.
The September figures represent a 2.2 per cent drop in prices from the previous month.
The government agency also reports a drop in sales volumes – with 57,887 sales a month recorded between Aril and July 2008, compared to 110,828 a year ago.
Biggest prices fall from recorded for terraced properties.
An average terraced house fell by 8.8 per cent in value or £12,625, in the last year to £131,044.
Flats/maisonettes fell eight per cent, semi-detached properties were down 7.98 per cent and detached homes fell 7.3 per cent in value.
The biggest falls were recorded in Wales – with prices down 10.7 per cent.
In the East Midlands property prices fell 9.9 per cent, while the south-west saw price falls of 9.7 per cent.
In London the slowdown gathered pace but was below the national average.
Homes in the capital fell 6.1 per cent in value of the year to an average of £328,927.
Focusing on individual areas, the Land Registry data do show a handful of gains.
Blaenau Gwent was up 1.7 per cent over the last year, Hartlepool prices rose 4.7 per cent, and Windsor and Maidenhead was up one per cent.
Biggest falls were seen for Wolverhampton (ten per cent), South Tyneside (8.4 per cent), Knowsley (9.1 per cent), South Gloucestershire (8.8 per cent) and Conwy (10.6 per cent).