West Mids house prices drop
The average house price has fallen by 4.1 per cent in the West Midlands over the last year, according to data released by the Land Registry.
In the last month, prices have fallen by 0.9 per cent in the region.
The average cost of a house in the West Midlands now stands at £130,756.
The only region in England and Wales to experience an increase in its average property value over the past 12 months was London, with growth of 2.1 per cent to £348,686. The North East recorded the greatest annual fall, with prices 7.8 per cent lower than a year ago.
Figures show that during June 2011, the number of completed house sales in England and Wales decreased by 13 per cent to 54,776 from 62,714 in June 2010.
The number of properties sold in England and Wales for more than £1m decreased by 28 per cent between June 2010 and June 2011, from 644 to 465.
