House prices edging lower, Land Registry figures show

Thursday, 2 June 2011

House prices edging lower, Land Registry figures show

House prices in England and Wales have drifted slightly lower in the past few months, according to the Land Registry.

Its latest survey of all completed sales shows the average price rose by 0.8% in April to £163,083.

However, the average sale price in the February to April period was 1% lower than in the previous three months - the best indicator of short-term trends.

Prices in April were 1.3% lower than a year ago, and monthly sales have also fallen, by 14% in the past year.

These figures reflect the general stagnation of the market, which has been due to severe rationing of mortgage funds by lenders, and fears of higher unemployment among would-be buyers.

The Land Registry survey recorded distinct regional variations in house price movements.

In London, house prices jumped 3% in April, to an average of £352,187.

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Source: BBC Business News http://www.bbc.co.uk/news/business-13599742

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