02-06-2008
House price slowdown confirmed by Land Registry
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
House prices across England and Wales are continuing to slow, the Land Registry has confirmed.
According to data released by the organisation, over the course of April 2008, house prices across England and Wales fell by a total of 0.2 per cent.
The fall equates to a decline in the annual rate of house price inflation to 2.7 per cent, from a previous total of 3.6 per cent.
Land Registry confirmed that: "This latest movement continues to point towards a weakening housing market."
"The Land Registry House Price Index is the most comprehensive available. Using Land Registry's data set of completed sales, it is the only index to be based on repeat sales."
April's decline in property prices brings the average cost of a property in England and Wales to £183,626.
In England and Wales, land registration was first attempted under the terms of the Land Registration Act 1862.