Average house prices in England and Wales fell by 0.2% in September according to the Land Registry. This is the biggest monthly fall in nearly a year, according to the Land Registry.
However, in Wales prices rose by 0.4% and activity, certainly in West Wales, was well up.
Annual house price inflation also fell, from 8.4% in August, to 7.2% in September. That is the first time since May 2013 that the yearly rate has gone down, the Land Registry said. However, in Wales, the annual change is just 4.3%, reflecting the fact that the market here lags far behind that of most of the UK and, therefore, is likely to continue rising for some time whilst others dip.
The largest monthly fall was in Yorkshire and Humberside, where prices declined by 2.2%.
The average house price is now £177,299, well short of the peak of £181,324 in November 2007.
Most lenders now agree that the rate of house price inflation is slowing in England. The figures from the Land Registry, however, are particularly significant, as they are based on actual sales, rather than mortgages and therefore include houses or flats that are bought for cash, rather than with a mortgage.
|House Price change by region September 2014|
|Region||Monthly change||Annual change|
|South East||– 0.2%||9.7%|
|North East||– 0.3%||1.6%|
|North West||– 0.5%||4.3%|
|East Midlands||– 0.8%||6.0%|
|West Midlands||– 1.3%||4.3%|
|Yorkshire and Humber||– 2.2%||1.4%|
|ENGLAND AND WALES||– 0.2%||7.2%|
|source: Land Registry|
Speculation about a mansion tax, should Labour or the Liberal Democrats win next year’s election, has been cited as one reason for more expensive properties selling more slowly and this may also explain the increase in activity at the top of the market in West Wales where a large mansion with land can be purchased for under the mansion tax level of £2m or a large Georgian house in Tenby for under £900,000.
If you are looking to move to West Wales, invest in property here, or buy a holiday home we, at West Wales Property Finders, would be delighted to help you. Please call Carol or Rayner Peett on 01834 862816, check out our website on www.westwalespropertyfinders.co.uk or email firstname.lastname@example.org.