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Written by rosalind renshaw

House prices dropped by 0.6% in March, the Land Registry has reported, bringing the average selling price in England and Wales to £160,372 – also 0.6% lower than a year ago.

But the big surprise is that the Land Registry shows house prices to have fallen in London, by 1.8%, while rising in the North-East by 5.6%.

House prices in London are still 0.7% higher than a year ago, with the average price now standing at £343,522.

In the North-East, despite the big monthly jump, they remain 2.8% below what they were a year ago, to stand at £101,676.

Also noticeable in March was a 4.1% drop in average house prices in Wales, which at £113,036 are now 5.5% below their level of the previous year.

The Land Registry also reported a slight rise in the number of transactions. Its latest data covers October 2011 to January 2012 and shows an average of 55,661 sales per month – up from an average of 52,363 monthly sales for the same period a year previously.

In January itself, the number of house sales was 42,511 compared with 37,584 in January 2011.

In March, the Land Registry reports so far having received over 55,000 applications to lodge property sales, on which it has based its March prices.

Data released by the Land Registry also shows who its biggest customers are, applying for a whole range of documents.

The top three customers applying for transactions for value were My Home Move, Addleshaw Goddard and Countrywide Property Lawyers. For searches, the top three customers were Enact, Optima Legal Searches and TM Group (UK).

While the Land Registry data records deals completed what can be months after they were agreed, take a look at the next story to see what might be in the pipeline.

Comments

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    You clever d**ks missed this! Or did you tell them what to write rantn?


    Nationwide: House prices down
    House prices fell by 0.2% in April, following a 1% decline in March, according to the latest Nationwide House Price Index.
    This takes the average price to £164,134 and is the fourth time in five months that prices have declined. House prices were 0.9% lower than April 2011.

    But rightmoves still good value

    • 03 May 2012 15:02 PM
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    Shame you cant rub your little post out Jonnie as the very people you seek to prove how very clever you are to know you lost and made yourself look even more stupid and confirmed the impression of you.

    Laughing all the way to the pub to see more little rubber jonnies cringing in the corner!

    Many thanks, made my day little fella

    • 03 May 2012 13:33 PM
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    Nah Jonnie - I'm in the No Man's Land between the North and the South. I did print lots of copies of the song lyrics, but no-one else wanted to sing along. As you point out, many more folk are keen to discuss the figures that could be saved in portal fees rather than the larger sums that could be earned from greater transactions at lower prices. Ah well.

    I'd reckon that in cash terms, 1.8% off the average property in London is more than a 5.6% rise in the North though. You're right that a London fall is definitely good re HPC because funny money floating round London is about the only thing that has kept the numerous national house price indices from showing greater falls.

    Good question Happy. The lenders are however definitely lining up to reduce their exposure to UK property. Just yesterday, Lloyds announced that it is planning to slash its share of the UK's mortgage market, and the Co-op has announced that it is ending its entire range of interest-only products. They're even waiving the fees for those borrowers on an IO mortgage with them who would like to transfer to capital repayments. How considerate. "What we have seen in house price drops over the last four or five years has in itself given rise to a dawning realisation that you can't just rely on a rising appreciation in your home," said Co-op's Head of Mortgages. Quite.

    • 03 May 2012 11:31 AM
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    @Feel sorry for them

    Thanks for your post, very informed and thought provoking views and certainly moves the debate on, well done to you.

    The pub thing was very poignant, as much has Japanese Dave and some of the others are not natural drinking buddies for me I think I speak on behalf of all of them when I say there is nothing worse in a pub than some pointless little squirt with nothing to say combined with a shocking dose of self importance………………like you.

    So, the floor is yours, EAT is here and ready for ‘some real posts’ as you put it, fill your boots and start off by making one yourself we are waiting for you to knock us bandy with your wisdom and knowledge, pick any of the subjects you like, im looking forward to it.

    Jonnie

    • 03 May 2012 11:15 AM
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    Perhaps EAT could run a poll, who is the biggest idiot? Jonnie, Rant, Brit1234, Japan Dave Wardy, FTB Dan, or are they all such attention seekers, posting the same endless twaddle they are the same people? Bet these are the Tw*ts everyone hates in the pub, and they give thanks everyday for such sites so they can post and not be seen as society's dregs. Guys give over and let the site get some real posts.

    • 03 May 2012 10:13 AM
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    Brit1234, i was just thinking the same today about the post olymipic london house price bubble, its probley why london has held up so well until now, perhaps the fall last month was due to a rise in houses being valued for sale after august ?

    • 02 May 2012 22:36 PM
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    It wouldn't surprise me if London prices went up next month. However in a few months they will start to fall again after all London is the biggest international housing bubble in the world, its going to get bad.

    Stamp duty changes and post Olympic rot are yet to feature but coming.

    • 02 May 2012 21:12 PM
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    @rant

    Good week for you chap you’ve been waiting for London to drop haven’t you? Shame the bloody North went up a bit, isn’t that where you are looking?

    ………………anyway, enjoy!

    Although, it’s a funny one, EAT has this story and above it is one on portal subscriptions and where do all the EA’s post – yup the portal debate, funny what bothers them most isn’t it, London prices down in this room and your are in here on your own having a one man sing-along and upstairs the EA’s are having a full on debate on portal prices

    Jonnie

    • 02 May 2012 17:19 PM
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    @rant

    Good week for you chap you’ve been waiting for London to drop haven’t you? Shame the bloody North went up a bit, isn’t that where you are looking?

    ………………anyway, enjoy!

    Although, it’s a funny one, EAT has this story and above it is one on portal subscriptions and where do all the EA’s post – yup the portal debate, funny what bothers them most isn’t it, London prices down in this room and your are in here on your own having a one man sing-along and upstairs the EA’s are having a full on debate on portal prices

    Jonnie

    • 02 May 2012 17:17 PM
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    Rant - Indeed there may be....Are the banks books balanced enough to end forbearance?

    • 02 May 2012 16:07 PM
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    There may be trouble ahead
    But while there's moonlight and music
    And love and romance
    Let's face the music and dance

    Before the fiddlers have fled
    Before they ask us to pay the bill
    And while we still
    Have the chance
    Let's face the music and dance

    Soon
    We'll be without the moon
    Humming a diff'rent tune
    And then

    There may be teardrops to shed
    So while there's moonlight and music
    And love and romance
    Let's face the music and dance...

    • 02 May 2012 09:52 AM
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