House prices fall further |
Figures released from the Land Registry show that property prices fell by 2% in February. This means the annual rate of decline increases from 15.1% to 16.5%. The average house is now worth just under £154,000, more than £30,000 less than a year ago.
Decline in house prices in the North West was significantly higher than average, with house prices dropping by 4.1% in February. However, in the South West, prices dropped by only 1%.
Figures for London show that property prices dropped slightly less than the average over the last year, falling by 15.6% to £298,563.
Sales have also dropped significantly over the last year. There were 81,300 completions in December 2007, but only 36,341 in December 2008.
