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| Version 0 | Version 1 |
|---|---|
| House prices 'dropped 1% in June' | House prices 'dropped 1% in June' |
| (30 minutes later) | |
| House prices in England and Wales fell by 1% in June from May, according to figures from the Land Registry. | House prices in England and Wales fell by 1% in June from May, according to figures from the Land Registry. |
| That drop meant that the annual rate of increase was 0.1%, the tenth consecutive month that the annual rate of growth has slowed. | That drop meant that the annual rate of increase was 0.1%, the tenth consecutive month that the annual rate of growth has slowed. |
| The average price of a home in England and Wales slipped to £180,781. | The average price of a home in England and Wales slipped to £180,781. |
| Despite the current slowdown, which has been caused by tougher lending demands, a social housing group predicted that house prices would rise 25% by 2013. | Despite the current slowdown, which has been caused by tougher lending demands, a social housing group predicted that house prices would rise 25% by 2013. |
| Rising or falling? | Rising or falling? |
| According to the National Housing Federation (NHF), average house prices in England were set to rise by 25% over the next five years because demand for housing would outstrip the construction of new homes. | |
| People are living longer, they're delaying getting married and they're more likely to get divorced - meaning that we now have more households than ever David OrrNational Housing Federation | People are living longer, they're delaying getting married and they're more likely to get divorced - meaning that we now have more households than ever David OrrNational Housing Federation |
| The NHF said that house prices in England would fall by 4.4% in 2008, and be 2.1% lower in 2009. | |
| However, it predicts that prices will have recovered by 2010 and would rise by more than 9% in 2012 and 2013. | However, it predicts that prices will have recovered by 2010 and would rise by more than 9% in 2012 and 2013. |
| While there are questions about how accurate five-year forecasts can be, there is a general concern that new homes being built will not meet demand. | While there are questions about how accurate five-year forecasts can be, there is a general concern that new homes being built will not meet demand. |
| "As soon as the economic outlook improves, house prices will resume their previous upward trajectory," said the Federation's chief executive David Orr. | "As soon as the economic outlook improves, house prices will resume their previous upward trajectory," said the Federation's chief executive David Orr. |
| Market view | Market view |
| In the meantime, analysts are trying to work out how fast and how far house prices will drop. | In the meantime, analysts are trying to work out how fast and how far house prices will drop. |
| The Land Registry figures are based on prices at the completion of sales and so lag behind some of the other surveys which rely on mortgage data. | |
| The figures show that during June the house price fall was particularly marked in London, which saw prices drop by 2.5% from May. | |
| It also found that sales volumes remained much lower across England and Wales than in the same month a year ago. | It also found that sales volumes remained much lower across England and Wales than in the same month a year ago. |
| The North East of England was the only area to see a monthly rise in prices, up 4.1% in June and 3.1% for the year. That made the average house price in the region worth £133,508. | The North East of England was the only area to see a monthly rise in prices, up 4.1% in June and 3.1% for the year. That made the average house price in the region worth £133,508. |