Figures released today by the Land Registry confirm house price growth has fallen for the seventh consecutive month.
Official figures released today have confirmed that during March house prices in England and Wales slowed for the seventh month in a row.
Published by the only body to use actual property sale prices rather than lender’s data to compile its House Price Index, the Land Registry’s report revealed that house prices fell by 0.4% last month, while annual growth slowed to 3.6% from 5.3% in February, taking the average house price in England and Wales to £184,798.
The survey also found a 26% year on year drop in the number of properties sold between October 2007 and January 2008 with only 81,926 properties reaching completion each month during this period compared to the 109,969 average previously recorded.
Regionally, only the East Midlands and Wales were found to have experienced negative price growth during the last 12 month, with respective 0.7% and 1.3% decreases taking average prices down to £143,049 and £136,557. Wales also experienced the largest monthly fall with sale values down 2.2% on February’s figures.
Property sales in the capital continue to outperform the rest of the UK with annual growth sitting at 10.5% and the average price now £357,675. However, despite this, London prices have also been affected by the slowdown that’s hitting the rest of the country.
Middlesbrough was the only other county or unitary authority to display annual growth of over 10% taking its average price to £119,410. Monthly growth was also greatest in this county with house prices up 3.5% from February.
While showing slightly less dramatic figures, the Land Registry’s HPI clearly backs up the ‘slowing’ trend reported by other housing organisations, painting a clear picture of the crisis currently facing the housing market. However, whether the Bank of England’s economy rescue plan will boost property figures for April as hoped still remains to be seen.
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