House Prices down over 15%
Published: 27 February 2009 By MoneyhighStreet Staff 1 Comment
According to the latest House Price Index from the Land Registry, January 2009 saw annual house prices fall by 15.1%
Across all house types, the average property price in January 2009 was £156,753. In January 2008 the average was £184,725.
House prices have now fallen 17 months in a row, compared to the 21 months of increases enjoyed between December 2005 and August 2007.
All regions across the UK have seen a decrease in house prices over the last 12 months. Wales, South West and the South East all saw falls of greater than 15%.
The smallest annual fall was in the North East at 12.7%.
As a slight positive, three regions saw no change or a small increase in house prices in January, namely East Midland, East and Yorkshire & The Humber.
The number of house sales fell significantly in the period August 2008 to November 2008 to just 41,014 transactions per month. This compared to 106,495 transactions in the same period in 2007.
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Check out what others are saying about this post...[...] House prices were down over 15% in Janauray on an annual basis, but the further fall in February now takes the house prices down 16.5%, to £153,862. [...]