Average UK property values fall, Land Registry claims

The latest figures have revealed that average house prices in the UK fell during February, although there are a number of regional differences.

According to statistics released by the Land Registry, the value of a residential property in England and Wales has dropped by 1.7 per cent.

However, house prices in London were up 3.2 per cent in the year and in the east of England values went up by one per cent.

The biggest fall in prices over the year was seen in the north-east of England, at 7.1 per cent. The region also had the biggest month-on-month decline, dropping by four per cent in February.

London had the biggest annual rise in prices, although properties in the capital did drop in value by 0.5 per cent in February month-on-month.

The IPD UK Residential Index recently claimed that property in England offered investors double-digit annual returns last year.

Standing at 10.4 per cent, the index shows that individuals with real estate in the UK enjoyed capital growth of 7.4 per cent and income growth of 2.8 per cent in 2010.

Article by +Steve Binge on behalf of Propertyshowrooms.com