House Prices Fell In February, Land Registry Figures Show

House prices have fallen by 0.8 per cent since January according to the latest figures from the Land Registry.

The Land Registry data also shows that house prices decreased by 1.7 per cent over the last twelve months, bringing the cost of the average house down to £162,215.

There was a general view that the property market was broadly flat during 2010, however this data shows that in fact house prices declined slightly throughout most of last year.

Although these price falls show the situation across England and Wales as a whole, regional differences saw prices increases in some areas.

For example, London saw a 3.2 per cent increase in house prices over the previous twelve months. On the other hand, the North East experienced the greatest annual price decline with a 7.1 per cent fall in property values.

Not only did house prices fall in most areas over the last twelve months, but the number of properties sold also declined

The most up-to-date figures available show that during December 2010, the number of completed house sales in England and Wales dropped by 30 per cent to 54,812 compared to 78,438 in December 2009.

The house price figures from the Land Registry are amongst the most accurate as they record the actual transaction price of the property and the Registry uses a sample size that is larger than all other statistical measures available.