UK House Prices Fall 1.4%

The latest house prices report by Department of Communities and Local Government suggests the annual decline in prices amounted to 1.4%.

According to the figures, revealed by the Department of Communities and Local Government (DCLG) yesterday, on November, 15th, house prices fell in September 0.7%. Currently, they are 1.4% lower than at the same time last year.

The average price of British property now stands at £207,326.

On a regional basis, the largest decline was registered in the Northern Ireland (11.6%). It is followed by Wales and Scotland, which saw a decline of 3.4% and 3.3% respectively.

London is the only region in the UK to report a rise in annual property prices.

Commenting on the DCLG findings, Howard Archer of IHS Global Insight, said: "We suspect that squeezed purchasing power, a now markedly weakening labour market and major concerns over the economic outlook will limit potential buyers and weigh down on house prices."