Tuesday, October 18, 2011

House prices fall £5,000 in year to September: UK

The average British home lost £594 in value in September alone, and £5,240 in the past year.

House prices fell by 0.3pc in September, wiping just £594 off the cost of the average home, according to the latest LSL Property Services/Acadametrics House Price Index.

This ends a two-month run of modest rises, but on an annual basis the cost of the average home has slipped by 2.3pc – or an average of £5,240 – over the past year.

According to research, the average home in England and Wales is now worth £218,650. The largest monthly growth was recorded in Greater London, with a monthly increase of 1.1pc.

Dr Peter Williams, housing market specialist and chairman of Acadametrics, said: "This monthly fall is small and, when combined with the positive movements in July and August during the quarter, means that the housing market is probably best described as 'stationary'."

The average price of a property has increased by 9.2pc since the trough of the last housing recession in April 2009 – an increase of more than £18,400. However, it is still 5.7pc below that of house price peak of February 2008. more