Communities department data says prices off by 0.7%
House prices fell by 0.8% in September according to the latest data from the communities department.
The data, which follows reports from mortgage lenders of further falls in October, confirms the continuing drop in prices seen across the market. The government data, which is based on lending figures from across the majority of mortgage providers, found that the average house price was £211,815 in September, 6.5% higher than the same month in 2009, but a drop on August.
Quarterly figures confirmed the downward trend, with prices down 0.7% on the June figure. The survey said that in September London was the only region of the UK not to register a fall, with a marginal rise of 0.1%.
The data shows that over the year prices rose in every region and country in the UK, with the exception of Northern Ireland, where prices fell by 7%. The biggest rise was in the South East, with 9.7%
Nicholas Leeming, commercial director of online estate agent Zoopla.co.uk, said: “Many of the reductions happening now are coming from sellers keen to move before Christmas, so some of that pressure will ease in the New Year. But the traditional influx of new properties for sale in early 2011 will also put pressure on prices if there is not enough demand to support them. Until lending criteria ease further it will be a while before buyers can help support the market.”