News: Land Registry Announces Largest House Price Drop Since 2000

Fri, 29 Aug 08

The Land Registry has recorded its largest annual drop in house prices since 2000.

Latest figures from the Government body show that prices were 2% lower in July compared to the same month the previous year.

It also shows that prices fell by 0.6% between June and July this year.

The figures show a far smaller fall in prices than some of those released by mortgage lenders. Earlier this week the Nationwide announced an annual price drop of  10.5% - see Home News 28 Aug 2008.

One factor is that Land Registry data is based on completed transactions, which take longer to collect, whereas those from mortgage lenders are based on mortgage approvals and can be more up to date.

The Land Registry’s data shows that the average price of a house in England in July was £178,364.

By Joe Lepper

See Also - A Guide to House Price Indices & House Prices & Trends

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