The value of residential real estate in England and Wales has dropped by 2.6 per cent since July this year, the latest figures released by the Land Registry show. According to the organisation, this now puts the average price of a home at £162,347, with a decline of 0.3 per cent recorded between July and August.
However, some regions experienced month-on-month increases in property values, with the east of the country topping the table with a 0.8 per cent rise, followed by the east Midlands and London. But it is only the capital city that has managed to maintain price growth over the course of 12 months, seeing its average home values climb by 2.1 per cent since August 2010 to reach £348,686. By contrast, the north-east of England has seen the biggest decline at 7.8 per cent, followed by Wales at 5.5 per cent and the north-west with a 5.4 per cent drop.
Earlier this month, economics editor at the Sunday Times David Smith commented that, in the wider economic context, house prices have done relatively well and "have held up better than most people had expected". He suggested that one factor that has contributed to the strength of the sector is a lack of forced sellers on the market.