House prices ‘down 0.5% in 2011’Friday, 13 January 2012 10:35
The average price of a house in England and Wales was around £220,385 in December, up 0.2 per cent on the previous month, latest analysis suggests.
Over 12 months, however, house prices took a slight dip of 0.5 per cent, with only Wales and London bucking the trend with an annual price rise, according to the LSL Acadametrics index.
Dr Peter Williams, Acadametrics chairman, said that the price recovery in the second part of the year took place as a ‘summer bounce’ in July and August which was not repeated over the remainder of the year.
“Setting aside the April and May price hiccups caused by Stamp Duty changes, our average price has not changed by more than one per cent in any month, at national level, since February 2010,” he said.
“We have experienced a period of relative stability in house prices, which is perhaps surprising given the turmoil observed in the financial markets over the same period.”