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House prices drift as nation watches the Olympics

House prices in England and Wales saw no change in August, according to Land Registry figures.

House prices drift as nation watches the Olympics

House prices in England and Wales remained flat in August, according to official figures.

However, despite no monthly change, over the year prices have increased 0.7%, according to the Land Registry.

This takes the average property price to £163,376.

Region Monthly change Annual change Average price
North East 0.80% -3.0% £100,934
South West 0.70% 1.0% £173,448
East Midlands 0.70% 0.6% £125,171
North West 0.40% -2.5% £110,656
South East 0.40% 2.0% £211,050
Yorkshire & The Humber 0.20% -1.4% £119,178
London 0.00% 5.0% £364,059
England & Wales 0.00% 0.7% £163,376
West Midlands 0.00% 0.1% £130,533
East -0.30% 1.0% £175,145
Wales -2.40% -3.2% £115,887

London saw the biggest annual increase, with prices up 5%. Wales, on the other hand, experienced the greatest decline, with a decrease of 3.2%. Wales also saw the most significant monthly fall.

Transaction levels, meanwhile, remain low. According to the Land Registry's most up-to-date figures, the number of house sales in England and Wales fell by 3% to 56,077 in June.

Tracy Kellett, of property website BDI Home Finders, said: ‘The flat property market is a mirror image of the flat economy.

‘Ironically, flat is almost flattering,’ she added. ‘The country house market, for example, has been devastated this year, with regular price reductions and sales roughly 20%-30% below asking price.’

However, Matthew Turner, of Astute Property Search, said you would expect August to be quiet because the nation was camped out in front of their TVs watching the Olympics.

'September has seen quite a pick-up in activity. It's by no means booming, but it's better than it has been,' he said.

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