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Average house prices 'remain flat'

Average house prices 'remain flat'

Average house prices in England and Wales remained fairly flat last month, new figures show.

Produced by the Land Registry, they reveal that the average house price in August was £155,968, which was a fall of 0.1 per cent compared with the previous month.

In London, the average price of a property was £310,640, which was 0.8 per cent up on July.

Meanwhile, the country-wide annual drop was recorded at 9.4 per cent, which was up from a low of 16.3 per cent in February.

The north-west saw prices experience an annual fall of 12.7 per cent, which was the most notable decline of all regions across the country.

Hartlepool, however, was the place that suffered that most dramatic house price reduction, with a 23.7 per cent decrease.

Recently, Gary Smith, president of the National Association of Estate Agents, suggested that property prices in the UK are "already recovering" from credit crunch lows, aided in part by an increase in the number of first-time buyers entering the market.