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
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.