Land Registry: All regions experiencing house price falls

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by Kay Murchie

According to the latest figures from the Land Registry, house prices are falling throughout England and Wales for the first time ever.

Annual house prices in England and Wales fell by 4.6% in August to prices last seen in spring 2007, with the worst-performer being the East, which has experienced price falls of 6.7% in the last 12 months.

Following closely behind was the South West at 6.5% while the East Midlands fell by 5.9%, the figures showed.

The Land Registry also revealed that even in the North West and Wales, where the smallest falls have been noted, prices have still declined by 2.5% and 2.6% respectively on an annual basis.

Meanwhile, prices in the capital have fallen by 3.2% in the last 12 months, making it the first annual fall for London since records began in 2001.

The Land Registry puts the average property at £174,493.

However, in comparison, the Nationwide and Halifax, have reported house price falls of 10.5% and 12.7% respectively on an annual basis.

The figures from the Land Registry are based on completed sales and are therefore not the most recent but are considered the most accurate.

The Land Registry also highlights that sales volumes are continuing to run at almost half of levels seen in 2007. Between March and June, 58,763 homes changed hands which represents 46% less compared with the same period in 2007.