House price growth declines

The Land Registry has added to the current property doom and gloom by revealing that the annual rate of house price growth fell for the tenth month in a row during June - hitting a record new low.

The government department also reported that the average house price dropped for the fifth month running, losing one per cent of its value at £180,781.

House prices falls were steepest in London at 2.5 per cent, followed by the east at 1.9 per cent and the West Midlands and Wales at 1.7 per cent and 1.6 per cent respectively.

Transaction volumes for April - which are the most up-to-date figures available - were 39 per cent lower than 12 months ago at 57,831, highlighting the fall in the number of homes changing hands.

Earlier on Monday, property consultant Hometrack said house prices were 4.4 per cent lower than a year ago in July.

House Prices News posted on 28/07/2008 15:20:06