House prices went down by a whisker in October, the Land Registry has reported.
Across England and Wales, the decline of just 0.3% brought the average house price to £161,605.
It means house prices are now 1.1% above their level of October 2011, although average house price figures are heavily distorted by the London market. In London, October house prices went up 1% on the month and by 7% over the year, to stand at an average of £364,574.
Such a rise compares with the annual price fall of 5.8% in the North-East and a monthly price fall of 4.2% in the same region.
Out of ten regions, four showed house price rises, while the South-West stood still and the remaining five showed house price declines.
Of probably more concern to the estate agents was the decline in transactions also reported by the Land Registry.
Its latest data shows that from May to August there were an average of 57,789 house sales per month – compared with 58,361 for the same period last year.
In August itself – the latest month for which transaction data is available, there were 62,290 sales across England and Wales, down 3% from the 64,417 recorded in August 2011.
Jonathan Hopper, managing director of the property search consultants Garrington, said: “Prices in the capital continue to defy both logic and gravity, and their relentless rise is the main reason the national average posted a respectable 1.1% increase in the past year.”
He went on: “Regional disparities are getting more glaring than ever, and the outlook for the country as a whole is still very mixed.”
Comments
"Jonathan Hopper, managing director of the property search consultants Garrington, said: “Prices in the capital continue to defy both logic and gravity..."
Erm... if Mr Hopper knows anything whatsoever about the housing market he would acknowledge that wherever you are, there is no 'logic' to it...
London should be treated as a different state now.
99% of investment goes to them, all sports events go to them, all infrastructure goes to them.
It would give the people a better understanding of how Britain is really being run if all Londons figures were left out.
It wouldnt look good is my bet!