Real Estate Prices Down Across UK

September saw prices slipping all over the United Kingdom, with dips of 1.1% in England, 2.4% in Wales, 3.3% in Scotland and 11.6% in Northern Ireland as compared …

September saw prices slipping all over the United Kingdom, with dips of 1.1% in England, 2.4% in Wales, 3.3% in Scotland and 11.6% in Northern Ireland as compared to the previous year. The average prices of new properties increased by 8.8% over the past year, while prices of previously owned residential real estate fell 2.1% across the region. The southern areas of London continued to outperform the rest of the UK, however, and London held its place as having the most valued homes in England, according to statistics provided by the Department for Communities and Local Government. For more on this continue reading the following article from Property Wire.

In September UK residential property prices decreased by 1.4% over the year and fell by 0.7% over the month, according to the latest statistics produced by the Department for Communities and Local Government.

But average house prices increased by 0.6% over the quarter to September, compared to a quarterly decrease of 0.8% over the quarter to June.

The index also shows that average prices decreased during the year by 1.1% in England, by 2.4% in Wales, by 3.3% in Scotland and by 11.6% in Northern Ireland.

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Prices paid by first time buyers were 0.7% lower on average than a year earlier and prices paid by former owner occupiers also decreased by 1.7%.

The average mix-adjusted UK house price was £207,326. Excluding London and the South East, the average UK price in September was £169,870, a decrease of 3% over the year.

Split regionally prices stood at £215,311 in England, £147,869 in Wales, £160,459 in Scotland and £140,726 in Northern Ireland.

London remains the English region with the highest average house price of £346,618 whilst the North East has the lowest average price at £130,835.
 
In England, southern regions including the East of England, London, the South East and South West all had average prices above the UK average in September.
 
Average house prices decreased in eight of the nine English regions over the year to September 2011. The largest decrease was in the North East at 5.2% while the smallest was in the South East, down 0.8%. London registered an annual house price increase of 2.8%.

Over the month to September there were average price rises in three regions, ranging from 0.1% in the South West to 0.6% in the South East. There was an average monthly price fall in the six other regions ranging from a fall of 0.2% in London to a fall of 2.55 in Yorkshire and the Humber.

The average price for pre-owned dwellings decreased by 2.1% to £207,818 over the year to September, compared to an annual decrease of 2% in August. During September 2011 prices paid for pre-owned dwellings decreased by 0.7% on average, compared to a 0.6% monthly decrease during the same period last year.
 
The average price paid for new properties increased by 8.8% to £201,101 over the year to September, compared to an annual increase of 9.2% in August. During September 2011 prices paid for new properties increased by 1.2% on average, compared to a monthly increase of 1.6% in September last year. Month on month price changes in new build properties tend to be more volatile, reflecting low transaction levels.

This article was republished with permission from Property Wire.

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