July 29, 2008
House prices fall for tenth month in a row
The Land Registry has reported that house prices have fallen for ten consecutive months. The government organisation also found that ,on average, house prices had risen by only 0.1% during the previous 12 months.
The average house price is now said to be £180,780. The value of the average property in central London is now £345,135, which represents a fall of 2.5%.
Some experts registered concerns about the London property market as it is usually viewed as a good indicator of national trends.
There were some signs of stability in the housing market in the North East region as house prices increased by over 4%. Further data released from the Land Registry revealed that there was a significant drop in UK property sales in April with sales falling to 60,000 from over 95,000
Industry analysts continue to believe that the housing sector is still in a dire situation, despite the fact that some major lenders had cut their mortgage rates