Land Registry: House prices down 12%
Tuesday, 30 Dec 2008 18:44
House price crash confirmed again
Latest figures from the Land Registry show house prices fell 12.2 per cent in the 12 months to November.
The official data put the average house price at £161,883 in November – a fall of 1.9 per cent on the month before.
This puts house prices at February 2006 levels.
Sales volumes have also slumped to 38,508 in September – a fall of 61 per cent.
The average detached home fell 11.9 per cent in value to £245,368, while a semi-detached was down 11.3 per cent to £153,949.
Terraced homes dropped 13.5 per cent in value to £124,700 and the average flat/maisonette was down 12.4 per cent to £153,164.
Every region of England and Wales saw price drops – most notably in the east and the East Midland – both down over 14 per cent.
In London, house prices fell 10.2 per cent to an average of £317,101 and the south-east saw a 13.7 per cent drop in residential property values.
The biggest monthly fall was recorded in the south-east – down 3.2 per cent.