Land Registry House Price Index: Small fall in house prices

Posted on April 30th, 2014 | Categories - News

Land Registry House Price Index: Small fall in house pricesNew figures show house prices fell back slightly in March, although they are still significantly higher than the same time last year.

The latest figures from the Land Registry, which looks at house prices in England and Wales, show a slight drop in March of 0.4%.

However, the year on year figures still show a rise of 5.6% over the past 12 months, taking the average house value in England and Wales to £169,124. Unsurprisingly house prices in London have risen by the largest amount over the past 12 months, up 12.4%, whilst Wales where prices have dropped by 1.6%, was the only region to show a fall.

According to the Land Registry house prices are still well short of the 2007 peak of £181,618.

House price comparisons

The small fall in house prices reported by the Land Registry was echoed by the Halifax, who reported an even larger drop in March of 1.1%. However, data from the Nationwide Building Society shows a small rise of 0.4%.

The annual rate of growth reported by the Land Registry is also lower than that reported by the other two surveys, which put the annual increase at 8.7% and 9.5% respectively.

The surveys also show a growing gap between the values of the average home, with the Land Registry putting the figure at £168,124, whilst the Nationwide put it as high as £180,264 in April.

Repossession rates

As interest rates remain low and the economic recovery gathers pace the number of repossessions continues to fall.

Just 979 properties were repossessed in January, the latest month for which figures are available.