31-01-2008
Land Registry data shows downward housing trend
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
New data released by Land Registry highlights a downward trend in the housing market.
According to newly released data, house prices in England and Wales have declined for the first time since August 2005. With the organisation highlighting a monthly variation of -0.4 per cent, the average price of a property is now £184,469.
The data has been released as part of the Land Registry's House Price Index for December 2007. "This month's data provides evidence of a downward trend in house prices. Although the annual growth rate remains positive, this month's price fall is a clear indication of a weakening market," said the organisation.
Represented in annualised terms, house prices in England and Wales are still growing at a rate of 6.7 per cent. However, a total of three regions have avoided the shift towards price falls, particularly in the north-east, where property prices continue to grow at a rate of 2.2 per cent.