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House prices in biggest monthly fall in a year | House prices in biggest monthly fall in a year |
(about 1 hour later) | |
House prices in England and Wales fell by 0.2% in September - the biggest monthly fall in nearly a year, according to the Land Registry. | House prices in England and Wales fell by 0.2% in September - the biggest monthly fall in nearly a year, according to the Land Registry. |
Annual house price inflation also fell, from 8.4% in August, to 7.2% in September. | Annual house price inflation also fell, from 8.4% in August, to 7.2% in September. |
That is the first time since May 2013 that the yearly rate has gone down, the Land Registry said. | That is the first time since May 2013 that the yearly rate has gone down, the Land Registry said. |
The largest monthly fall was in Yorkshire and Humberside, where prices declined by 2.2%. | The largest monthly fall was in Yorkshire and Humberside, where prices declined by 2.2%. |
The average house price is now £177,299, well short of the peak of £181,324 in November 2007. | The average house price is now £177,299, well short of the peak of £181,324 in November 2007. |
Most lenders now agree that the rate of house price inflation is slowing. | Most lenders now agree that the rate of house price inflation is slowing. |
But the figures from the Land Registry are particularly significant, as they are based on actual sales, rather than mortgages. | But the figures from the Land Registry are particularly significant, as they are based on actual sales, rather than mortgages. |
They therefore include houses or flats that are bought for cash, rather than with a mortgage. | They therefore include houses or flats that are bought for cash, rather than with a mortgage. |
Howard Archer, chief UK economist with IHS Global Insight, said there was mounting evidence that "house prices and activity have at least temporarily come off the boil". | |
Stricter mortgage lending rules, and fears about rising interest rates next year may be behind the cooling of the market. | |
Speculation about a mansion tax, should Labour or the Liberal Democrats win next year's election, has also been cited as reason for more expensive properties selling more slowly. | |
The tax would apply to flats or houses worth more than £2m, most of which are in London. |