House prices fall 1% according to Land Registry

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by Kay Murchie

According to the latest figures from the Land Registry, house prices in England and Wales fell 1% between May and June.

The figures are based on completed sales and are therefore not the most recent but are the most accurate. The data illustrates that annual growth has now fallen to 0.1% - the tenth consecutive fall in the rate of annual growth.

According to the organisation, the average cost of a property is now £180,781.

On a regional basis, London suffered the most with average prices falling 2.5% over the month, bringing the annual rate of growth down to 2.4%.

The West Midlands and East Anglia also suffered with prices falling 1.7% and 1.9% respectively.

However, prices are up 4.1% over the last 12 months in the north-east to an average of £133,508. The north-east was also the only region to record monthly growth in June, with prices up 3.1%.

The data also showed that semi-detached properties fell the most by 0.6% over the last 12 months, to an average of £169,296, while flats remained stable.

Meanwhile, terraced houses increased by 0.1% over the same period while detached properties also increased by 0.8%.