House prices drop recorded

House prices in the UK decreased on average last month, according to new statistics.

Data from the Land Registry indicated that there was only a slight change in home values during August, with a fall of 0.1 per cent being recorded.

This has taken the annual drop in property prices to 9.4 per cent, which has increased from a low of 16.3 per cent in February.

Currently, the average house in England and Wales is worth £155,968, the study revealed.

There was larger movement in the market during August in London and the west midlands, where house prices increased in value by 0.8 per cent. In the capital, homes are now worth £310,640 on average.

Landlords looking for bargain properties could search for homes in Hartlepool, where the largest annual price fall - 23.7 per cent - has occurred.

The north west has experienced the largest annual average price reduction during 2009 so far, with a 12.7 per cent drop.

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