House prices fall yet again
Published: 27 March 2009
By MoneyhighStreet Staff Leave a Comment
Updated: 27 March 2009
House prices in February fell another 2% according to the latest House Price Index figures from the Land Registry.
House prices were down over 15% in January on an annual basis, but the further fall in February now takes the house prices down 16.5%, to £153,862.
House prices are now at 2004 levels.
All regions in England and Wales have seen a decrease in their average house prices over the last 12 months.
West Midlands has the worst fall with 17.7%, compared to the North East down 14.2%.
Interestingly across all of England and Wales, terraced housing has seen the biggest drop in house value, down almost 18%, from £144,527 in February 08 to £118,885 in February 09.
Detached house have fallen just under 15%, to an average price of £235,363.
The number of properties sold between December 2007 and December 2008 fell 55%, from 81,300 to 26,341.
