House prices drop in East Mids
The average cost of a house in the East Midlands has fallen 3.7 per cent over the last year, according to data released by the Land Registry.
However, in the last month house prices rose by an average of 0.7 per cent – the highest increase of any region in the UK after the east of England.
The average cost of a house in the East Midlands is now £124,646.
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.
