Land Registry reports house prices fell 0.8 per cent month on month
House prices across England and Wales fell by an average of 1.7 per cent in February when compared to the same month of 2010, the latest figures from the Land Registry show.
With consumer confidence still relatively low and unemployment steadily rising, the figures reveal that the cost of an average home in England and Wales stood at £162,215 at the end of the month, a 0.8 per cent drop on January's figure.
Notably, homeowners in the north-east of England and the West Midlands were seen to be hardest-hit over the month, with house prices falling by four per cent and 2.7 per cent respectively.
On a more-positive note, however, monthly increases were seen in the east of England and in the north-west, with prices rising by 1.2 per cent and 0.6 per cent between January and February.
Furthermore, the Land Registry statistics also show both London and the east of England enjoyed notable year-on-year home value increases, with the capital leading the way with a 3.2 per cent upturn in fortunes between February 2010 and February 2011.
Meanwhile, the Land Registry has also named Burnley as the UK's 'cheap house' capital, with properties in the Lancashire area selling for as little as £32,000.
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