New figures released by the Land Registry show that the average value of a residential property in England and Wales fell during September. A month-on-month fall of 0.3 per cent was recorded, which now puts the typical price of a home at GBP 162,019. The data also revealed that housing values have slipped by 2.6 per cent year on year, although this is not the picture for London.
The organisation noted that the capital city is the only region in England and Wales where prices have risen over the past 12 months, climbing by 2.7 per cent. This puts the average cost of a residential property in London at GBP 349,069. By contrast, the north-east of England has experienced the greatest annual fall in housing values, plummeting by 8.2 per cent in the same period. Prices in this part of the country now average at GBP 100,616.
Last month, Savills suggested that continued price growth in the London property market may encourage investors to look to other locations to expand their portfolios. The firm stated that prime regional real estate assets are "looking increasingly good value as the polarisation of the national market continues".
- Wednesday 02 November 2011