House prices drop in September

The average October house price in England and Wales has decreased by 0.8 per cent since September and now stands at £165,505.

Despite this monthly decrease, the data from the Land Registry's House Price Index indicates an annual price increase of 3.4 per cent.

Borrowers looking to buy a house in London have been hardest hit by the price increases in the last 12 months as average property prices in the capital rose by 7.6 per cent, leaving consumers desperately trying to find the best mortgage rates available.

Figures for the north-east revealed the greatest price fall in 2010 with a movement of -0.9 per cent, while Yorkshire and the Humber experienced movement of -1.8 per cent during October.

The most up-to-date figures show that the number of house sales in England and Wales in August 2010 rose by one per cent to 58,783 from 58,270 in August 2009.

Meanwhile, the number of properties sold in England and Wales for over £1 million increased by 44 per cent during the same period.
 

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2010-11-29 13:42:12 © Moneyextra.com