Land Registry data shows house prices dip 1.9%

Tuesday, 03 January 2012 10:51

New data released by Land Registry has shown that house prices fell in November 2011 when compared with the figures from 2010.

Its flagship House Price Index found there had been a 1.9 per cent decrease for the average property, meaning a home in England and Wales costs a median price of £160,780.

When looking at the change between October and November 2011, the corresponding fall was 0.3 per cent.

The only region to experience growth was London (where homes went up in value by an average of 1.4 per cent), while the north-east saw its property prices fall by 5.4 per cent, the worst figure in the country.

For September 2011, the most up-to-date month for sales figures, there had been 61,031 transactions for homes, up six per cent on the previous year.

In terms of property type, terraced homes decreased in value the most between November 2010 and 2011, falling by three per cent.

However, Land Registry's data contradicts statistics published by Nationwide at the end of 2011, which found that house prices went up by one per cent over the course of the year.

It suggested the average home in England and Wales now has an asking price of £163,822.

However, Nationwide agreed that London was the most buoyant region, with property prices there rising by 5.5 per cent last year.

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