House price news: Average cost of a home down 2% on last year

26th August 2011

The July data from the Land Registry takes the average property value in England and Wales to £163,049.

The only region in England and Wales where property increased in value over the last 12 months is London, where they rose 1.3 per cent.

During May 2011, the number of completed house sales in England and Wales fell 10 per cent to 46,870 from 52,170 in May 2010. The number of properties sold in England and Wales for over £1 million decreased by 44 per cent between May 2010 and May 2011, from 464 to 262.

In his blog, economist Shaun Richards writes, "there are hints of trouble in the UK housing market which will only be reinforced if the UK continues on its stagflationary trajectory of low or no economic growth and steady inflation which is over target."

The Land Registry has published the data in a table here.

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