UK house prices fall by 0.3% during last 12 months

House prices have fallen across the country by a meagre 0.3% over the last 12 months. However, London, East Midlands and the North East have all bucked this trend.

According to official figures from the Department for Communities and Local Government (DCLG) House Price Index, property prices fell in Britain by 0.3% in the year ending November 2011.

The average UK house price was £205,796 (not seasonally adjusted).

Itís been a mixed year for UK house prices as the average price increased by 0.2% over the three months to November 2011, but annually they have fallen.

The figures also show that 2011 was a bad year for first time buyers. The prices they paid were 0.7% higher on average compared to 2010. Prices for new properties were also 7.7% higher on average last year than in 2010.

London continues to be the region with the highest average house prices at a staggering £342,123, whilst the North East has the lowest average price at jut £133,230.

House prices fell in six of the nine English regions over the year, widening the North/South divide. It might come as no surprise that the largest decrease was in the North West and the smallest was in the South East.

Whilst the UK housing market has experienced a fairly gloomy year, there are some slow signs of recovery. The Council of Mortgage Lending (CML) data for November suggested there were reasons to be positive regarding mortgage market activity for 2012.
 
ìNovember was the fourth successive month in which we have reported a year-year increase in lending. The month saw increased borrowing for house purchase by both first-time buyers and people moving home, as well as higher levels of remortgaging, than 12 months earlier,î the CML reported.

Compare mortgages with Money Expert.

 

Leave a Reply

Your email address will not be published. Required fields are marked *