The Land Registry has reported that annual house prices in England and Wales dropped by 10.1 percent during October.
House prices in England and Wales were 10.1 percent lower last month than in October 2007, the Land Registry has revealed.
According to the figures, the average house price is now £165,529, 1.5 percent down on September. The Land Registry revealed that this puts UK house prices on a similar level to the summer of 2006. It means that the annual change in English and Welsh house prices has now fallen for the fourteenth month in a row.
No region saw its prices increase on September, although the West Midlands experienced the lowest drop at 0.6 percent. Houses in Wales suffered the most, losing 2.8 percent of their value. Windsor and Maidenhead has the highest average house price, at £330,071, with Greater London behind on £320,774.
The statistics, which are behind in the cycle because of when they are collected, are more positive than reports on the month from the Nationwide and HBOS. However, the chief economist of the Royal Institution of Chartered Surveyors (Rics), Simon Rubinsohn, said that the Land Registry figures "are likely to weaken further over coming months".
Few properties are changing hands, with just 54,488 transactions taking place each month on average during May to August. This "was almost certainly exacerbated by the speculation surrounding the possibility of a stamp duty holiday" according to Mr Rubinsohn. "More timely data from HM Revenue and Customs suggests that the picture has improved a little."
