London 'saw only house value rise in 2011'

Posted: 04 Jan 2012 16:11:02 GMT

There has been an annual decrease in property value in England and Wales of 1.9 per cent.

London was the only region in England and Wales to experience an annual rise in property value last year.

This is according to the House Price Index from the Land Registry, which found the average cost of a dwelling in the capital over the last 12 months climbed by 1.4 per cent.

It was shown that the most marked yearly price tumble was seen in the north-east - a fall of 5.4 per cent - while the largest monthly cost slide was witnessed in the east of England, with a decrease of 0.6 per cent.

For England and Wales overall, however, an annual price reduction of 1.9 per cent took place in 2011, which meant the average property value in the two countries stood at £160,780.

The news comes after a recent study by Halifax revealed Woking in Surrey was the best performing town or city in the UK with regard to house prices over the last 12 months.

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