Land Registry data shows North-east worst hit
The average house price has dropped by 2.3% in the past year, figures from the Land Registry have revealed.
The figures, which compare September this year with the year before, show marked regional differences. In London the average house price rose 2.7% over the period, while the North-east saw prices plummet 8.2%.
Month-on-month prices, comparing September with August, showed slightly different trends. The North-west experienced the biggest rise at 1% while the North-east saw prices drop 3.9%. London, meanwhile, experienced a modest rise of 0.3%.
The volume of house sales also declined over the last year. In July, the latest month for which figures are available, 59,919 homes were sold compared with 67,475 a year before, a fall of 11%.