Land Registry house price index: Small fall reported in October


Land Registry House Price IndexHouse prices fell back in October according to the latest figures from the Land Registry.

In contrast to the two other major house price surveys from the Halifax and the Nationwide, which showed increases of 0.70% and 1% respectively in October, the Land Registry has reported a small fall of 0.20%.

The Land Registry figures also show a slower annual rise in house prices, putting the increase over the past 12 months at 3.1%, around half the rate of growth reported by the Halifax and Nationwide last month. London again led the way with an increase of 8.7% over the past 12 months.

According to the Land Registry, the average house price in England and Wales is now £165,515.

The news that house prices fell slightly in October will come as a shock, although it is possible homebuyers have delayed purchasing a property, waiting for the full details of the second phase of the Help to Buy scheme to be announced.

House price surveys

The Land Registry house price index is often regarded as the most accurate of all the surveys, as is based on actual sale prices and includes properties bought for cash, as well as those purchased with the help of a mortgage.

The figures released by the Land Registry also include information on the number of repossessions, often regarded as an indication of the health of the housing market. The latest figures show a further drop in the rate of repossessions, down 29% in August 2013, compared to the same time last year.