Wednesday, 4 May 2011

House prices sharp fall

Land Registry reports biggest monthly house price fall for 25 months.

The figures are the last word on house price movements, taking in all sales, including cash sales which represent a big share of transactions at the moment.

The Land Registry says house prices in England and Wales fell by 1.1% in March, the biggest drop since February, 2009.

Prices were 2.3% lower than a year ago.

The figures paint a contrasting picture to the Nationwide survey, which reported a 0.2% fall in April and a 0.5% rise in March.

Wales experienced the sharpest fall, with prices down 3.3% on the month and 7.2% year on year. In Blaenau Gwent prices were down nearly 20% over the year.

The Land Registry's figures come out a month later than those from Nationwide or Halifax. But they are based on all property sales, while the lenders refer to their own mortgage business.

PS House prices were up on the month in Rutland (3.2%) and Pembrokeshire (2.3%), also Derby, Merseyside, Milton Keynes, Gloucestershire, Anglesey and Denbighshire.

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