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Land Registry says house prices down 2%

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Homeowners in England and Wales saw another 0.6% wiped off the value of their property last month, according to Land Registry data out today.

Prices are now down 2% on the same time last year and, although that’s much less than the 10.5% slump reported by Nationwide yesterday, it still indicates the prevailing trend.

The average house price was £178,364 at the end of July, with the most dramatic falls seen in the East Midlands where they tumbled 5.1% year on year.

London proved more resilient, managing an annual rise of 1.7%, although the South East dropped 1.3%.

Detached houses were worst affected, falling 2.3% during the year, while semi-detached, terraces and flats lost 2% of their value.

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