UK house prices still on the slide

Residential UK property prices fell by more than 2.5 per cent over the past twelve months according to published data supplied by the Land Registry.

The only district to see prices improve has been the London property market where house prices increased by around 2.7 per cent  in the year ending in September - the average London home is now valued at around £349,000 as opposed to the typical UK property valued at just £162,100.

Prices in the north of England suffered the greatest level of depreciation a fall of more than 8 per cent was recorded across the North East – extending the gap between residential prices in the north and south of the country.

The banks are still reluctant to loosen the lending criteria attached to UK mortgages and figures of completed house sales are still well below expected levels.

According to agents vendors keen to move before Christmas are prepared to negotiate further on price in order to secure a sale.