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Housing market sees another fall | Housing market sees another fall |
(40 minutes later) | |
House prices fell by a further 1.9% in November as activity in the market dropped again, says the Land Registry. | House prices fell by a further 1.9% in November as activity in the market dropped again, says the Land Registry. |
This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease, the figures show. | This pushed the annual drop in property prices in England and Wales to 12.2% - the 15th consecutive monthly decrease, the figures show. |
The price of an average home stood at £161,883 with prices falling in every region over the last year. | The price of an average home stood at £161,883 with prices falling in every region over the last year. |
The Registry also revealed that the number of sales dipped in the third quarter of the year. | The Registry also revealed that the number of sales dipped in the third quarter of the year. |
In the three months to end of September, the number of sales was less than half of the 115,697 of the same period the previous year, at 48,599. | In the three months to end of September, the number of sales was less than half of the 115,697 of the same period the previous year, at 48,599. |
In September the number of properties sold for more than £1m fell by 54% to 354 compared with the same month a year earlier. | In September the number of properties sold for more than £1m fell by 54% to 354 compared with the same month a year earlier. |
Acceleration | Acceleration |
The annual fall in prices recorded by the survey has been accelerating in recent months, as the housing market continues to stagnate. | The annual fall in prices recorded by the survey has been accelerating in recent months, as the housing market continues to stagnate. |
ANNUAL HOUSE PRICE FALLS IN ENGLAND AND WALES East Midlands: 14.2%East: 14.1%South East: 13.7%South West: 12.8%Wales: 11.7%West Midlands: 11.6%Yorkshire and Humber: 10.6%North East: 10.3%London: 10.2%North West: 10.2% Source: Land Registry | |
First-time buyers have not revived the market despite falling prices as they face demands for high deposits from lenders. | First-time buyers have not revived the market despite falling prices as they face demands for high deposits from lenders. |
Meanwhile, those who may have moved homes have been staying put as prices reduce and the threat of redundancy looms for some during the impending recession. | Meanwhile, those who may have moved homes have been staying put as prices reduce and the threat of redundancy looms for some during the impending recession. |
However the dip comes after a major housing market boom in the last decade. Average house prices now stand at the same level as in February 2006, the survey shows. | However the dip comes after a major housing market boom in the last decade. Average house prices now stand at the same level as in February 2006, the survey shows. |
Unlike lenders' surveys, the Land Registry data compares the price of properties sold now with the price paid when it was last sold. | Unlike lenders' surveys, the Land Registry data compares the price of properties sold now with the price paid when it was last sold. |
However, properties sold - usually for a discount price - following repossessions or transferred following divorce proceedings are excluded from the survey. | However, properties sold - usually for a discount price - following repossessions or transferred following divorce proceedings are excluded from the survey. |
Regional breakdown | |
The survey, which lags behind lenders' data, showed that terraced homes suffered the biggest fall in prices, down 13.5% in the 12 months to November taking the average price to £124,700. | |
A regional breakdown shows that the East Midlands witnessed the biggest annual house price falls at 14.2%. | |
Wales has seen an annual fall of 11.7%, but the month-on-month figures show prices were unchanged between October and November. | |
At a more local level, prices in Hartlepool - which were at a relatively low base - fell the least over the last year, down by 2.1%. | |
The biggest drop was in South Gloucestershire, where the average property cost 13.6% less than it did a year ago. | |
The survey was published the day after Bank of England figures showed that homeowners were concentrating on repaying their mortgages, rather than spending by cashing in on equity. | |
Households in the UK put £5.7bn of equity back into homes between July and September , compared with withdrawing £11.1bn in the same period in 2007 to spend on big-ticket items such as cars. |