House prices show 'fairly flat market'
House prices in England and Wales are steadying according to the Land Registry
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Monday, 28, Sep 2009 01:53
By Sarah Garrod.
House prices in England and Wales have shown a "fairly flat market" according to the Land Registry.
The annual drop of 9.4 per cent was up from the low of 16.3 per cent seen in February, and brought average house prices to £155,968.
Other recent figures showing house prices are steadying have been hailed as the beginning of the 'climb out of recession' by some forecasters, but as a 'false dawn' by others.
According to today's figures from the Land Registry, London and the West Midlands experienced the greatest monthly price rise, at 0.8 per cent. This has brought the price of a property in the capital to double the average of England and Wales at a whole, at £310,640.
Keshav Thukaram, managing director of buy-to-let website Smartlandlord.co.uk, said: "As the Land Registry figures are based on completed transactions they always lag behind the market. The latest figures from LSL Property Services suggest we are in for some rises.
"Our own experience mirrors this. Although mortgage lending is still restricted, Smartlandlord.co.uk has seen a steep increase in the number of enquiries for advice on the best mortgage deals available to investors right now - including from overseas investors.
"Although that's all very positive, I am not convinced we are seeing a sustained economic recovery."
Today's figures showed all regions experiencing a decrease in their average property value in the last year, with the most significant fall in the north-west, which saw a decrease of 12.7 per cent. Hartlepool experienced the greatest annual price fall with a drop of 23.7 per cent.