House prices drop for 13th consecutive month
Average house prices fell 1.2 per cent in September, according to the latest housing figures from the Centre for Economics and Business Research (CEBR).
The Chesterton CEBR House Price Poll of Poll revealed the average price of a residential property in England and Wales fell to £184,333 in September.
Prices have now fallen for 13 months in succession, with the annual price drop reaching 5.9 per cent since September 2007.
The fall has been across all UK regions. Prices decreased by 1 per cent in London and the South West in September.
However, the largest year-on-year falls occurred in the Midlands, where house price deflation reached 6.1 per cent and 6.3 per cent in the East and West Midlands respectively.
Prices fell in 29 of 32 London boroughs, bringing the London market more in line with national trends.
Kensington and Chelsea and Camden have been among the hardest hit, with prices in Kensington and Chelsea down 14.4 per cent in the latest quarter and down 10.9 per cent year-on-year. Prices in Camden are now 8 per cent lower than in September 2007.
Robert Bartlett, chief executive of Chesterton, said: "Despite the scarcity of committed sellers, prospective buyers are coming back into the market as there is real value to be had in almost all areas.
"Prices have even fallen in Kensington & Chelsea, traditionally one of the most expensive areas in which to buy. We are unlikely to see a massive fall in premium areas though, as most owners there have no need to sell and are unlikely to put property on the market until there is a recovery."