Average house price falls below £175k

Posted: 29 Sep 2008 13:59:29 GMT

            Property News - Average house price falls below £175k

The average price of houses in the UK fell by 4.6 per cent in August to just £174,493, it has been revealed.

New figures from the Land Registry indicated that house prices now stand at levels last seen in spring 2007.

In London, the average house price fell to £336,620 - a decline of 3.2 per cent over the last 12 months - but the biggest yearly change was seen in Hartlepool where values have dropped 4.8 per cent, to just £117,350.

Despite these declines, the latest data suggests that the number of completed house sales fell by 56 per cent year-over-year in June 2008 - from 123,293 last year to just 54,072.

Inactivity in the housing market has been attributed to the difficulty homebuyers are facing securing new mortgages.

Research from Moneyfacts.co.uk recently revealed that first-time buyers without a significant deposit currently have just 36 different mortgage deals to choose from.

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