House prices fall by 14 per cent in 18 months
New figures from the Land Registry show just how much the average value of a house has fallen in the past 18 months.
Homeowners considering whether to buy a conservatory or sell up and move might be interested to hear their property could be worth 14 per cent less than it was in January 2008.
The statistics do show a 0.1 per cent increase in value during June – the first positive change for a year and a half.
Homes in the capital enjoyed a rise of two per cent last month – taking the average price of a property to £301,859.
Meanwhile, residences in the north-east of England have seen the largest fall over the past year – the crash has shaved almost a quarter (23 per cent) of their value off.
The number of sales has also been affected, falling by 42 per cent around the country between April 2008 and the same month this year.
Commenting, smartlandlord.co.uk managing director Keshav Thukaram hinted the figures are good news for the market as they show positive changes