New figures released by the Land Registry revealed that house prices in England and Wales had slowly drifted lower in the past few months.
Their latest survey, widely regarded as the most comprehensive in the market, showed that the average price of completed sales in April increased by 0.8% to £163,083.
Whilst April saw an average price increase, the picture across the three months from February to April was slightly different with sale prices 1% lower than in the previous three months.
Prices in April were also 1.3% down on the same month last year and the number of sales per month had fallen by 14% in the last year as well.
The figures further confirm the expert’s view that the market is stagnating; caused by a fear of higher unemployment amongst would be buyers, and the reluctance of mortgage companies to lend money.
Of course the whole country did not see the same drop in value as London and the South East saw increases. House prices in London increased by 3% in April to a £352,187 average.
The Land Registry explained, “London’s annual change now stands at 5%, which is much stronger growth than that seen by any other region in England and Wales.”
“Only London and the South East experienced increases in their average property value over the last 12 months.”
House prices in the North East took the largest hit in England, falling by 8% in the last year.