Average house price ‘now £220,043’Friday, 09 December 2011 09:15
House prices in England and Wales were at a standstill in November but have slipped by 0.7 per cent from the same period last year, according to latest data.
LSL Property Services said that London was the only region where prices had gone up over the year, with the boom from foreign investors adding 3.1 per cent to property values.
The LSL / Acadametrics index shows that the average house price is now around £220,043.
However, David Brown, LSL’s commercial director, said that just because house prices are static that property values are not moving.
He said: “For buyers looking to get on to the market, zero per cent price growth means that in real terms property is becoming more affordable.
“With inflation running at five per cent, the real cost of property is getting smaller and smaller, which is good news for buyers and mortgage borrowers alike.”
Mr Brown said that demand is still strong among buyers with larger deposits and a rise in mortgage volumes suggests many people in this position are taking the opportunity to secure a property.