UK House Prices Fall by 1.3% - Land Registry

The latest figures published yesterday, on Monday January 31st by the Land Registry suggest that house prices in the UK have fallen by 1.3% in 2011.

In December 2011 an average property is the UK was priced at 160,400 pounds (unchanged from November 2011) and yet lower than in 2010.

The report also revealed that they only city in Great Britain to see annual price growth in 2011 was London. House prices in the capital rose by 2.8% and reached 345,300 pounds.

The biggest annual decline was registered in the North East of England, it constituted 7.1%. An average house in the North East was priced at 99,500 in December 2011.

Commenting on the findings of the Land Registry, Howard Archer of IHS Global Insight, said: "Prices will fall 5% in 2012 amid low wage growth, rising unemployment and major concerns over the economic outlook."

The detailed house prices report is available on the official website of the Land Registry.