Land Registry figures have shown that house prices fell overall by 0.2% in April, bringing annual inflation down to 2.7% nationally, the eighth consecutive decrease in annual house price growth.
The average house price now stands at £183,626 says the report, down from £184,798. However London bucks this trend, still recording annual growth of 6.8%, down from the March figure of 10.5%.
The report also found that regionally the East Midlands, Wales and the West Midlands all experienced year-on-year falls with Wales falling fastest, whereas the South East experienced the greatest house price rise annual, recording an increase of 0.5%, and the most significant monthly falls were seen in the West Midlands.
These relatively small falls can seem deceiving, however, according to some economists: ‘After Nationwide’s massive 2.5% m/m fall in house prices yesterday, the Land Registry figure may seem smaller than expected,’ said Brigid O’Leary from Capital Economics. ‘But there are two good reasons why we are not taking any comfort from today’s figure. First, Land Registry data are subject to frequent revisions (for example, March’s monthly figure was revised down from -0.4% to -0.8%). So a downward revision to April’s figure next month is certainly possible.
‘Second, as the Land Registry records completion prices it tends to lag other indices which measure house prices at earlier stages of the house buying process. In other words, larger falls in the Land Registry index lie in the pipeline.’
-
Deep lakes, tall peaks and Flemish portraiture. It's the Country Life Quiz of the DayAugust 28's quiz gets to grips with geography, art, film and also cats.
-
Gill Meller wants to make soufflé great again with his sweetcorn and smoked cheddar recipeIs the soufflé on the brink of extinction? Well, not if Gill Meller's recipe for a sweetcorn and smoked cheddar has anything to do with it.
