House Price Falls 'Accelerating'
The fall in house prices has accelerated in England and Wales, according to the Land Registry.Its latest report shows that prices fell by 1.9% in August, taking the annual rate of price deflation to 4.6%. The average property now costs £174,493, £8,320 less than a year ago, with £3,871 of that drop occurring last month.
Prices in London fell by 3.2%, the first monthly fall since the Registry started publishing its figures in 2000.
Two months ago the Land Registry was suggesting that prices across England and Wales were, on average, still 0.1% higher than a year ago.
But with prices falling sharply in August, its monthly survey is starting to catch up fast with the surveys of lenders such as the Halifax and the Nationwide who have both reported that prices are down by 11% in the past year.
"Today's data from the Land Registry confirmed that house price falls are gathering momentum," said Seema Shah at Capital Economics.
"With transactions less than half of their level a year ago, coupled with the fact that the outlook for the economy is steadily deteriorating, the speed of this housing market correction still has the potential to step up a gear."
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