Downward Trends in the Housing Market Backed Up by Falls in House Prices

House prices in England and Wales dropped by 0.4 per cent in December, taking the average price to £184,469, according to the latest figures from Land Registry.

It is the first fall for England and Wales since August 2005, although three regions bucked the downward trend. The largest monthly growth was seen in the North East, at 2.2 per cent.

The volume of transactions was also down on the same period last year, with an average of 103,374 per month in the months July to October 2007, compared with 117,086 per month from July to October 2006.

For more information and to view the latest statistical release visit http://www.landregistry.gov.uk/houseprices/ .