The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 2.7 per cent. The North West experienced the greatest monthly rise with a movement of 1.0 per cent. The North East experienced the greatest annual price fall with a decrease of 8.2 per cent and the most significant monthly price fall with a movement of -3.9 per cent.
The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010. The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.
Nicholas Leeming, business development director at Zoopla.co.uk, said:
“The annual fall in the number of house sales is proof that the dark cloud of economic uncertainty is still causing people to stay out of the property market. And the continued fall in average prices provides further evidence of sellers having to reduce prices in order to tempt buyers into transacting. Even those at the top end of the market are feeling the pinch with the introduction of the £1m stamp duty threshold contributing to the annual fall in property transactions at this level. Only a combination of revitalised confidence in the UK’s economic prospects and further efforts from lenders to assist first-time buyers will help reignite the market. Unfortunately, this is unlikely to happen until well into next year.”
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