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House prices show monthly fall, says Land Registry | House prices show monthly fall, says Land Registry |
(about 2 hours later) | |
House prices in England and Wales fell in March, according to data from the Land Registry. | |
Between February and March, prices went down by 0.4%, bringing the average price of a house to £169,124. | Between February and March, prices went down by 0.4%, bringing the average price of a house to £169,124. |
It follows similar data from the UK's biggest mortgage lenders, the Halifax and the Nationwide, which suggested the market may have cooled over the spring. | It follows similar data from the UK's biggest mortgage lenders, the Halifax and the Nationwide, which suggested the market may have cooled over the spring. |
However, the Land Registry figures show a continuing rise in the annual inflation rate, to 5.6%. | However, the Land Registry figures show a continuing rise in the annual inflation rate, to 5.6%. |
"The Land Registry data add to other signs that some of the froth may have recently come off the housing market - at least temporarily," said Howard Archer, chief UK economist with IHS Global Insight. | "The Land Registry data add to other signs that some of the froth may have recently come off the housing market - at least temporarily," said Howard Archer, chief UK economist with IHS Global Insight. |
Unlike other measures of the housing market, the Land Registry figures are based on actual sale prices. | Unlike other measures of the housing market, the Land Registry figures are based on actual sale prices. |
They also include cash buyers, which can account for as much as a third of sales. | They also include cash buyers, which can account for as much as a third of sales. |
Help to Buy | |
Separately, the government has announced that 19,394 homes were sold under the first year of its Help to Buy (equity loan) scheme. | |
The scheme, which allows home-buyers to take out an equity loan for up to 20% of the purchase price, was launched in April 2013. | |
Some 87% of sales were to first-time buyers. | |
The Treasury has also given out £791m in loans over the year - money that is, in effect, a stake in the housing market. | |
If homeowners borrowed 15% of the value of their home, they will have to pay 15% back when they sell the property. So if the value has gone up in the meantime, the government will benefit. |
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