News from the Residential Property Investor, the bi-monthly magazine for RLA members other artilces from the April / May 1999 issue RPI news archive

House prices take drop - April / May 1999

House prices in England and Wales fell inthe last quarter of 1998 by an average 3.5 per cent, but still ended the year 5.9 per cent higher than the previous December.

The figures come from the Land Registry which recorded lower numbers of house sales both over the year and between third and fourth quarters.

As always there were wide variations in the movement in prices between regions and type of property. Highest annualprice increases were recorded in the south east - up 8.8 per cent over 1997 - lowest in Yorkshire/Humberside - up less than 1 per cent. Upward movements in the north west were also amongst the lowest. Here average prices increased by 2.2 per cent over the year.

As in all other areas except the north, house prices in the north west took a dip between third and fourth quarters of 1998, with a recorded drop of 2.3 per cent.

In all 207,000 house sales were logged by the Land Registry in 1998, compared with 231,000 in 1997 (sales under £10,000 and over £1m excluded). Average prices in the quarter ended December 1998 were as follows:

other artilces from the April / May 1999 issue

• Licensing Logic
• HMG proposes to licence HMOs
• City's central role
• In brief
• Brown serves up mixed Budget
• Housing benefit set for major reform
• Title checks 'superficial'
• CO alarms recalled
• House prices take drop