London house prices experienced a greater fall than any other region in October, according to the latest House Price Index figures from the Land Registry. Prices in London fell 0.6%, taking the average figure to £351,039. The market in England & Wales as a whole showed a slight increase of 0.1%, with the average house price now standing at £184,346.
With a 0.1% rate of monthly appreciation, house price change in England and Wales has remained effectively flat for residential property transactions that completed in October 2007. The 0.1% rate of monthly price appreciation is markedly below the 0.7% average monthly increase over the last 12 months. The change raises this month's average house price to £184,346. The slow monthly change is reflected in the decreasing annual growth rate that is currently at 8.1%.
For the first time in ten months the monthly rate of price change for London drops below the monthly rate for England and Wales as a whole. This month's 0.6% fall in London prices is greater than any other region. However as it is on the back of a 12 month period of strong growth, the annual change in the capital's house prices remains a high 14.7%. London's average house price for October 2007 stands at £351,039 whereas the average price for England and Wales is £184,346.
