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House prices slowdown confirmed House prices slowdown confirmed
(about 2 hours later)
The continuing slowdown of house prices in England and Wales has been confirmed by figures from the Land Registry.The continuing slowdown of house prices in England and Wales has been confirmed by figures from the Land Registry.
It said property prices fell by 0.2% during April, taking the average house price to £183,626.It said property prices fell by 0.2% during April, taking the average house price to £183,626.
That drop meant that the annual rate of house price inflation fell again, from 3.6% to 2.7%.That drop meant that the annual rate of house price inflation fell again, from 3.6% to 2.7%.
It was the eighth month in a row during which annual property inflation has fallen, though the decline has not been as fast as suggested by other surveys.It was the eighth month in a row during which annual property inflation has fallen, though the decline has not been as fast as suggested by other surveys.
"This latest movement continues to point towards a weakening housing market," said the Land Registry."This latest movement continues to point towards a weakening housing market," said the Land Registry.
Many other reports, from lenders such as the Halifax and the Nationwide, and also from surveyors, have claimed that prices have fallen so fast that they are now lower than they were a year ago.Many other reports, from lenders such as the Halifax and the Nationwide, and also from surveyors, have claimed that prices have fallen so fast that they are now lower than they were a year ago.
On Thursday, the Nationwide said prices were now 4.4% down on May last year and had dropped at a record rate.On Thursday, the Nationwide said prices were now 4.4% down on May last year and had dropped at a record rate.
However, the Land Registry survey, which covers all completed property sales and not just those of particular lenders, suggests that point has not yet been reached in England and Wales.However, the Land Registry survey, which covers all completed property sales and not just those of particular lenders, suggests that point has not yet been reached in England and Wales.
Falling sales Volatile
There are big variations between regions.There are big variations between regions.
Property prices have fallen during the last year in the East Midlands, Wales and the West Midlands.Property prices have fallen during the last year in the East Midlands, Wales and the West Midlands.
In London, they are still nearly 7% higher than a year ago.In London, they are still nearly 7% higher than a year ago.
The mortgage drought brought on by the credit crunch has led to a 30% slump in the number of sales going through.
The Land Registry's figures show that in the three months to February, there were, on average, 72,479 sales per month.
That was down from the monthly average of 103,141 seen in the previous three months.
The mortgage market continues to be volatile, as lenders launch and then withdraw their latest deals at a rapid rate, often within two weeks of their being launched.The mortgage market continues to be volatile, as lenders launch and then withdraw their latest deals at a rapid rate, often within two weeks of their being launched.
From next Monday the UK's biggest lender, the Halifax, is shaving an average of 0.3% from its various fixed rate mortgage offers.From next Monday the UK's biggest lender, the Halifax, is shaving an average of 0.3% from its various fixed rate mortgage offers.
By contrast, earlier this week the Abbey raised some of its rates, reversing cuts announced only two weeks ago.By contrast, earlier this week the Abbey raised some of its rates, reversing cuts announced only two weeks ago.
Falling sales
The mortgage drought, which has been brought on by the credit crunch, has led to a 30% slump in the number of sales going through.
The Land Registry's figures show that in the three months to February, there were, on average, 72,479 sales per month.
That was down from the monthly average of 103,141 seen in the previous three months.
There has been a similar slump in the number of applications for planning permission to build new homes, reflecting the lack of confidence of companies in the construction and house building industry.
The National House Building Council (NHBC) said applications in the three moths to April were 27% lower than the same period a year ago.
And Imtiaz Farookhi, NHBC chief executive, said the outlook was particularly bad.
"Our latest figures show that in April this year 8,443 new homes were started for private sale," he said.
"[It was] the lowest number of starts in this sector, apart from December when activity is traditionally low, since our accessible monthly records began in 1986."