Land Registry reports house sales subdued in April
The latest report on completed mortgage sales from the Land Registry shows that house prices fell slightly over the last three months.
The survey revealed that the average price of a house increased by 0.8 per cent in April to £163,083. However, the average sale price in the period from February to the end of April fell by one per cent compared to the previous three months.
Prices in April were 1.3 per cent lower than in April 2010, and monthly sales also fell by 14 per cent over the last twelve months.
There was a lot of variation over the breadth of the UK with London recording an increase of three per cent in April, with the average house price rising to £352,187.
The Land Registry said that only London and the South East have experienced increased house prices over the past twelve months.
Prices in the north east of England fell by eight per cent in the year to April 2011.
Meanwhile, a separate report from Hometrack shows that the number of property transactions has fallen sharply over the past few months as demand has fallen. This could lead to agents cutting prices in a bid to support sales.
The report shows that the average time a house is up for sale has increased and that the number of sales agreed had fallen by 1.6 per cent in May.
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