Business

House prices in monthly fall, says Land Registry

house for sale
Image caption House prices in England and Wales fell over the last month

House prices in England and Wales have fallen by 0.2% between October and November, according to the Land Registry.

It is the first drop in its monthly house price index for eight months.

However the Land Registry said the annual rate of house price inflation was still up, from 2.7% to 3.1%.

It follows similar figures from the Office for National Statistics (ONS) earlier this month, which also recorded a monthly drop in prices.

One reason that has already been suggested is that some home-buyers waited to see the details of the government's Help to Buy scheme before committing themselves to a purchase.

The second phase of the scheme, under which the government will guarantee mortgage repayments, was announced early in October.

Sales

On a monthly basis, Wales now has the fastest rising prices. They rose by 2.4%, although from a low base.

Prices are falling fastest in north-east England, where the monthly drop was 3.1%.

The figures also show that the total number of house sales has risen steeply this year.

The latest statistics, from August, show that sales rose 15% over the year, to 74,767.

The Land Registry data includes houses bought for cash, as well as those purchased with mortgages.

It is also based on actual sale prices, whereas the ONS figures are based on mortgage completions.

As a result, it claims that its sample size is "larger than all the other statistical measures available".

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