Land Registry Data Confirms House Price Falls
The latest data from the Land Registry confirms recent reports of house prices falling.Their most recent data shows prices falling by 0.2% in April, reducing annual house price inflation to 2.7% from 3.6%.
April was the 8th month in a row in which annual house price inflation has fallen.
There are big variations between regions.
Property prices have fallen during the last year in the East Midlands, Wales and the West Midlands. In London, they are still nearly 7% higher than a year ago.
The mortgage drought, which has been brought on by the credit crunch, has led to a 30% slump in the number of sales going through.
The Land Registry's figures show that in the three months to February, there were, on average, 72,479 sales per month.
That was down from the monthly average of 103,141 seen in the previous three months.
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