The drop in house prices is accelerating, according to new figures released today.
The survey, published by the Land Registry, suggests that average prices dropped by 2 per cent during February. As a result, the year-on-year fall is now measured at 16.5 per cent, up from 15.1 per cent.
£30,361 has now been knocked off the price of the average home. The average asking sale price is now £153,862, at the same level as September 2004.
Meanwhile, HMRC have published figure suggesting that house sales also fell again. 42,000 houses were sold in February - around half the number sold in the same month last year.
As a result, many commentators are suggesting that house prices will fall further still.
