House prices see annual decline

There has been a fall in house prices across England and Wales over the past year, which may have implications for DIY house selling in the two countries.

Figures from the Land Registry show there has been a 1.3 per cent decline, taking the average cost of property to £163,083.

However, between March and April, an increase of 0.8 per cent was registered, showing that it is not all bad news for the property market.

London experienced the highest price rise of five per cent over the past 12 months, while house prices in the north-east declined by 8.1 per cent during the same period.

Dianne Paterson, property partner at Russel + Aitken, recently said that now is an ideal time to purchase property in Scotland as there are some pretty good deals available to first-time buyers.

She did, however, point out that a ten per cent deposit is needed to secure many of the offers.

Published on: June 1, 2011

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