Land Registry figures show house prices in slight decline
LAND Registry figures yesterday showed a slowdown in the pace of annual decline in house prices, with a 9.4 per cent drop in August after an 11.7 per cent fall in July and as much as 16 per cent in February.
The figures came on the same day property data company Hometrack said the annual drop in house prices in England and Wales eased to 5.6 per cent in September from 6.7 per cent in August, the slowest annual pace of decline since August 2008
The Land Registry figures lag other surveys because they are based on sale completions, but add to the body of evidence that record low interest rates are breathing life into the once moribund market. It reported a 0.1 per cent drop in house prices in August on a seasonally-adjusted basis.
Land Registry figures also showed Britain’s capital benefiting the most from renewed buyer interest, with prices up 0.8 per cent in August — the fourth consecutive monthly rise. However, house prices in London were still 6.2 per cent lower than the same month last year.
Home track said prices in London and the South East were up by 0.4 per cent and 0.3 per cent respectively, due largely to lack of supply.