The most recent figures issued by the Land Registry have shown that house prices were down very slightly in August, BBC News has written.
The actual fall was just ?202, or 0.1 per cent, from July, taking the average price of a house to ?155,968. The figure is 9.4 per cent lower than 12 months ago and continues the slowing annual decline. The Land Registry stated: ?The annual rate of decline is continuing to slow? from a low of approximately 16 per cent experience in February.?
The figures look as though they back up recent comments by industry experts who suggested that the pick-up in house prices over the last few months, may not be sustained. Other recent data also lent weight to this.
HM Revenue & Customs saw a small drop in property sales across the UK in August and the Council of Mortgage Lenders saw a drop in mortgage lending in August compared with July. In addition, the British Bankers? Association also saw a fall in the number of mortgages approved.
The holiday month of August may have had an influence but there is a belief that this may be the beginning of a trend. Prices in London, however, were up for the fourth month in a row, by 0.8 per cent in August. London house prices are now only 6 per cent below their level of a year ago.
Other areas are not faring so well. The north-west of England has prices that are 13 per cent down on 12 months ago, and in the East Midlands they are 10 per cent lower. Hartlepool has seen the steepest decline, off 24 per cent in the last 12 months.
