The Land Registry has announced that house prices are now just 1.5% higher than a year ago. As regards prices the news is no better with house prices falling by 0.2% in December compared with November, putting the average cost of a home at £163,814 in England and Wales. Some regions are however doing better than others. The highest price change is in London, which has experienced an annual increase of 6.2% and a monthly gain of 1%.
The picture for the immediate future looks gloomy with the downward trend in prices looking to continue due the uncertainty regarding the economy and the Government’s spending cuts.
Mortgage approvals and house sales continue to fall and the housing market is expected to remain subdued throughout 2011 as a result.
Morgan Jones and Pett are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877000 or via email at davidpett@m-j-p.co.uk
