Land Registry figures head south


Land Registry figures head south
The latest figures from the Land Registry reveal house price growth in the UK has fallen into the red for the first time.

While the official statistics – which record the sale price of every property transaction in England and Wales – recorded growth of just 0.1 per cent in June, this has now fallen to -2 per cent.

This is the first time the figures have fallen into negative territory, and represent the lowest ever recorded by the Land Registry.

Prices fell by 0.6 per cent in July alone, in the eleventh consecutive monthly fall, with the average property price in England and Wales standing at £178,364 as a result.

All types of property recorded falls during July.

Semi-detached, terraced and maisonette properties all fell by two per cent, while detached properties recorded a slightly steeper 2.3 per cent fall.

Across the country, Wales was the biggest loser during the month, with prices dropping 2.5 per cent. The East, East Midlands and West Midlands also saw drops of 1.9, 1.1 and one per cent respectively.

Prices were up in the north-west and north-east by margins of 0.3 and 0.7 per cent respectively.

In London, prices are faring slightly better. During July, the average price of a property in the capital increased by 0.7 per cent, to an average of £348,366, with annual growth still at 1.7 per cent.

The Land Registry also reports significant falls in transaction levels.

Between February and May 2008, transaction volumes averaged 59,622 a month. This is a decrease from the same period last year, when sales volumes averaged 99,024.

The pattern of reduced transaction volumes in London continues to mirror the rest of the country.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure