Every region in England and Wales experienced an annual decrease in their average property values, according to the latest figures published from Land Registry. But which areas suffered the most?
By Gordon Miller
All regions also sustained a monthly decrease except Wales, which underwent no change. The South East saw the most significant monthly fall in prices at -3.2%.
The greatest regional annual price decrease in property values has been recorded in the East Midlands at -14.2%, followed by the East with -14.1%. London experienced an annual decrease in its average property value with a movement of -10.2%, taking the average London house price to £317,101.
Only one area, Bath And North East Somerset, recorded a monthly price increase of 0.2%. The area with the smallest year-on-year house price decline was Windsor And Maidenhead with -6.2%.
Of all property types, terraced houses showed the greatest annual price decrease in England and Wales, dropping -13.5% from an average of £144,218 to £124,700.
Those living in rural areas have seen their property value less adversely impacted than town and city dwellers. Research by Halifax Estate Agents shows that the average level of house prices in rural areas is £235,324, 15% higher than the average urban house price.
The report found that the most expensive rural local authority (LA) in Great Britain is Chiltern in Buckinghamshire with an average house price of £448,635. All 10 of the most expensive rural LA's are in southern England.
First time buyers account for just 21% of all rural buyers compared with 37% in urban areas, and only 13% of the housing stock is social housing in rural areas compared with 20% in urban areas. The average property price in rural areas is 7.3 times average annual earnings compared with a ratio of 6.1 in urban areas.
Suren Thiru, economist at Halifax, said: 'Housing in rural areas is less affordable than in urban areas due to a combination of higher average prices and lower average earnings. The difficulties for home buyers in rural locations are particularly acute among first time buyers and are exacerbated by relatively low levels of social housing provision.'
How To Work Out Region By Region Prices
House Price Predictions 2009
House Prices: The Gap Between Asking And Selling Prices
House Price Crash: The Latest
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