October witnessed slight drop in UK house prices

October witnessed slight drop in UK house prices

October witnessed a 0.2 per cent decline in house prices across England and Wales, according to new data from the Land Registry.

As a result of this slight drop, the average property price in the UK now stands at £165,515.

However, October did see an annual increase of 3.1 per cent which will be a welcome statistic to most estate agents.

Perhaps unsurprisingly, property in London has maintained the strongest growth over the last year, with an increase of 8.7 being seen in the capital.

The North East of England, on the other hand, showed the biggest drop in both annual and monthly terms. A decrease of 3.1 per cent and 0.8 per cent were seen respectively.

Overall, the growth the market has shown over the past few years will more than make up for the slight drop in October.

House sales across the UK have risen by 15 per cent from the previous year with a total  65,014 in August 2012 now rising to 74,767 for the same month this year.ADNFCR-1222-ID-801666583-ADNFCR

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