House Prices Continued to Fall in November
House prices have reached a new low as the latest Land Registry figures show that the average home has lost 1.9 per cent of its value in November.
This reduced the average price of a home £161,883. The new figures also showed that house prices have fallen by 12.2 per cent in the last year – the largest drop in prices since the survey began in 2000, and the average house price is now back to the same price as in February 2006.
The Land Registry also showed that the number of house sales dropped in the third quarter of the year. In the three months to the end of September, sales more than halved to 48,599 compared with 115,697 in the same period in 2007.
In September the number of properties that sold for more than £1million dropped by 54 per cent to 354 compared with September last year.
House prices in the South West, North East and
According to the Halifax, Britain’s biggest mortgage lender, the average UK home lost 16.2% of its value during the year to the end of November to stand at £163,605 - about £31,500 lower than 12 months before.
Nationwide figures for November showed annual house price falls eased during the month to 13.9%, compared with drop of 14.6% in the figure for October.
It said that property values fell by 0.4% in November, compared with 1.3% in October.
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