Housing prices have continued to fall sharply in some regions across England and Wales, despite the rise around the London area, if the results of a survey are to be believed.
This data, being offered by the Land Registry, gives evidence of the vastly varying nature of the housing market across the country and could provide potential tracker mortgage holders or first-time-buyers a little bit of advice as to where they will get the most for their money.
In the capital, prices have seen a rise of 0.3 per cent through September, in comparison to August, making it a 2.7 per cent rise since the same time last year. And yet, in the North of England, there has been a fall of 3.9 per cent month-on-month prices, meaning an 8.2 per cent fall in annual values.
On average, this means that in England and Wales, prices have dropped 0.3 per cent in September compared with the previous month and has fallen by 2.6 per cent year-on-year, according to the Land Registry.
The survey went on to say that in the last year, prices of terraced homes have fallen at their sharpest, leaving the average home valued at around £162,109.
This mean average ranges vastly between lows of around £100,616 in the North East, to the more expensive average homes in London reaching £349,026.
In related news, the National Association of Estate Agents (NAEA) has announced that their monthly report on the state of the market has shown that the number of potential buyers has reached its highest average level in four years.
This research shows that the number of individuals registering to look for homes per branch, rather than actual buyers, has risen from 304 in August to 308 in September.
Wendy Evans-Scott, president of the NAEA commented on this saying, “It is encouraging to see that the number of enquires is increasing,
“But sellers need to be very realistic when pricing their property, in order to secure a sale in what is still a very cautious market.”
Director of Brock Taylor, Sussex-based estate agents, Peter Maskell offered his opinion on the marketing split. He defined the split as being between those who ‘must sell’ and the rest.
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