Land Registry: House prices down 12%
House price crash confirmed again
Tuesday, 30, Dec 2008 06:44
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.