House prices fall for eighth month in a row

Annual house prices in England and Wales decreased from 3.6 per cent in March to 2.7 per cent in April, taking the average to £183,626, according to the latest figures from Land Registry.

This is the eighth consecutive fall in the annual rate of growth.

London experienced annual house price growth of 6.8 per cent, which is over double the rate experienced by England and Wales as a whole. However, this is a reduction from last month's growth rate of 10.5 per cent.

London's monthly price change is -0.5 per cent for April, which is a more volatile movement than the -0.2 per cent experienced by England and Wales as a whole.

The average house price in London stands at £350,925, in comparison to the average price for England and Wales, which is £183,626.

Price change by region

Three regions in England and Wales, the East Midlands, Wales and the West Midlands, experienced decreases in their average prices over the last 12 months.

The region with the highest annual price change is London with an increase of 6.8 per cent.

The region with the most significant annual price fall is Wales with a movement of -1.4 per cent.

The South East experienced the highest monthly rise with an increase of 0.5 per cent.

The West Midlands was the region with the most significant monthly price fall with a movement of -1.2 per cent.

Price change by county

Middlesbrough experienced the highest annual price change with an increase of 9.1 per cent.

Wrexham experienced the highest annual price fall with a movement of -7.2 per cent.

Newport experienced the strongest monthly growth in April with an increase of 2.7 per cent.

Redcar and Cleveland had the most significant monthly price fall during April with a movement of -3 per cent.

Seven county and unitary authorities exhibited no monthly price movement.

Price change by metropolitan district

The metropolitan district with the highest annual price increase is Rochdale, rising by 6.6 per cent.

The highest monthly price increase was in Manchester with a rise of 3.2 per cent.

Doncaster experienced the most significant annual price fall with a movement of -1.6 per cent.

St Helens had the most significant monthly price fall during April with a movement of -4.1 per cent.

Price change by London borough

The borough with the highest annual price increase is Hackney, rising by 18.6 per cent.

The borough with the highest monthly price increase is Kensington and Chelsea with a rise of 1 per cent.

Waltham Forest experienced an annual growth of 5.6 per cent, making it the lowest performing borough in terms of annual price change.

Wandsworth experienced the most significant monthly price fall during April, with a movement of -0.8 per cent.

Sales volumes

In the months November 2007 to February 2008, transaction volumes averaged 72,479 transactions per month. This is a decrease from the same period last year, when sales volumes averaged 103,141.

The pattern of reduced transaction volumes in London continues to mirror the rest of the country. Price index volatility is greater in areas where recorded sales volumes are low. Index volatility leads to erratic and high changes in reported price.

Some of the areas that typically have very low transaction volumes include, but are not
limited to, the following: City of London, Rutland, Isle of Anglesey, Merthyr Tydfil, Blaenau Gwent, Ceredigion, Torfaen.

Sales volumes by price range (England and Wales)

The number of properties sold in England and Wales for over £1 million decreased by 20 per cent between February 2007 and February 2008, from 477 to 382.

Sales volumes by price range (London)

The number of properties sold in London for over £1 million decreased by 30 per cent between February 2007 and February 2008, from 294 to 207.