Land Registry reports biggest monthly fall in house prices since May 2013

The Land Registry has reported that house prices in England and Wales fell by 0.2% in September, which is the first time since May 2013 that the yearly rate has gone down. The average house price is now £177,299, meaning prices have failed to match the peak in November 2007 of £181,324.The figures from the Land Registry are based on actual sales, rather than mortgages and include houses or flats that are bought for cash. Most lenders now agree that the rate of house price inflation is slowing.Annual house price inflation also fell, from 8.4% in August, to 7.2% in September.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.Setfords Solicitors are a national full service law firm, with residential property solicitors in Guildford and across the country.