House prices falling in England and Wales, figures show

Posted 28/07/2011

Individuals looking to sell their home may want to seek the advice of a residential conveyancing solicitor following the publication of new figures.

The June House Price Index from the Land Registry revealed property values in England and Wales have declined over the past year.

During the previous 12 months, prices fell by 2.5 per cent, which means the average abode now costs £161,479.

The north-east saw even greater declines of 7.1 per cent within the same time frame, as well as a drop of 2.1 per cent between May and June.

London was the only place in England to have experienced an increase in prices and over the past year, values in the capital have risen by 0.8 per cent.

Wales recorded the greatest monthly growth, with the average cost of a home in the country going up by 2.8 per cent.

These figures come after estate agent Knight Frank revealed the cost of prime property in rural locations fell by 0.7 per cent during the second quarter of 2011.

If you need help with residential conveyancing, the team at Ashtons Legal can offer professional advice.