Annual house prices in England and Wales fell by 12.2 per cent in November, according to the latest figures from Land Registry. The average house price is now £161,883 representing a monthly decrease of 1.9 per cent.
London experienced an annual decrease in its average property value with a movement of –10.2 per cent, taking the average London house price to £317,101.
Every region in England and Wales experienced an annual decrease in their average property values. All regions also sustained a monthly decrease except Wales which underwent no change. The South East saw the most significant monthly fall in prices at –3.2 per cent.
The most up-to-date figures available show that during September 2008 the number of completed house sales fell by 61 per cent to 38,508 from 98,075 in September 2007.
The Land registry is a UK government department established in 1862, it keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990. With the largest transactional property database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
Source www.landregistry.gsi.gov.uk
