Average house prices were down 0.2 per cent in September compared to August, the latest Land Registry house price index shows.
The index, which covers house prices in England and Wales, still shows an overall annual price increase of 7.2 per cent. The average price in England & Wales is now £177,299 compared with a peak of £181,324 in November 2007.
Peter Rollings, chief executive of Marsh & Parsons, comments:
“House prices rises are flattening on a monthly basis, as growth relaxes after a rousing first half of the year. But considered as a whole, the UK property market is still on an upward trajectory and prices have seen a considerable uplift in the past year.
“London is still showing healthy annual growth, and the unparalleled draw of living or investing in what many regards as the world’s greatest city gave the property market here a shortcut in the recovery. As a result, the average price of a Prime London home has risen by £163,973 over the past year.”
According to the Land Registry’s index, London saw an 18.4 per cent increase in average property value over the past 12 months. By comparison, Yorkshire & The Humber saw the lowest annual price growth with a movement of 1.4 per cent. Yorkshire & The Humber also saw the most significant monthly price fall of 2.2 per cent.
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