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Land Registry: House prices down 1.0 per cent

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 5.1 per cent. 

– London also experienced the greatest monthly rise with an increase of 5.1 per cent. 

– Yorkshire & The Humber experienced the greatest annual price fall with a decrease of 5.6 per cent.

– West Midlands saw the most significant monthly price fall with a decrease of 2.7 per cent.

– The most up-to-date figures available show that during February 2012, the number of completed house sales in England and Wales increased by 9 per cent to 43,331 compared with 39,670 in February 2011. 

– The number of properties sold in England and Wales for over £1 million in February 2012 decreased by 3 per cent to 462 from 478 in February 2011.

Peter Rollings, CEO of estate agent Marsh & Parsons, comments: “A difficult economy and increasing reticence from lenders is conspiring to subdue house prices and the number of buyers on the move across many parts of the country. But this certainly isn’t the case in London , which is moving at a different speed entirely from the national market. With house prices so much higher in the capital, fewer applicable buyers were affected by the end of stamp duty holiday for first-timers – unlike the lingering impact elsewhere in the country, where a higher proportion of buyers brought forward purchases.

“Equity-rich buyers are still flocking to prime parts of the capital, and after the initial shock of the budget in March, wealthy investors are focussing on double digit annual price growth in many areas like Kensington and Westminster instead of the 2% increase to stamp duty. Demand has only been bolstered by the appetite for safe assets from international buyers looking to escape seeing their wealth diminished by the eurozone  troubles , and good quality homes are selling quickly.”  

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