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House prices down 2.3% year-on-year in September

Housing transaction fell by 2.3 per cent year-on-year in September, according to the latest house price index from LSL Property Services/Acadametrics.

Prices fell by 0.3 per cent between August and September, to leave the average house price at £218,650.

Average prices are currently 9.2 per cent above the trough observed during the recession but are still £13,179, or 5.7 per cent, below the house price peak of £231,828 recorded in February 2008.

LSL Property Services commercial director David Brown says: “The modest summer recovery came to an abrupt end in September, reminding us there are still serious barriers to a sustained property market recovery. Outside London, prices are falling throughout England and Wales and this has contributed to a fall in the average house price of 2.3 per cent in the last 12 months.

“This looks like bad news for property owners, but over the medium term, despite short-term fluctuations, the property market has been stable.”

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