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The survey
is the first official confirmation of a slowdown
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Government
figures have confirmed a widely reported slowdown of the
UK
's housing market in late 2004.
House prices were 11.8% higher on the year in the last quarter of
2004, down from 16.3% in the July-to-September quarter, the
Land Registry said.
The average house price in
England
and
Wales
was £182,920, down from £187,971 in July-September.
The volume of sales between October and December dropped by
nearly a quarter from the same period in 2003.
The government figures are the first official confirmation of
falls in the market at the end of 2004.
Land Registry figures are less up to date than those of banks and
building societies, since they record completions not mortgage
approvals.
However, the figures are viewed as the most accurate measure of
house prices as they include all property transactions,
including cash sales.
Regional blight
The cost of buying a home fell in seven out of 10 regions between
the third and fourth quarters of 2004.
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ANNUAL GROWTH IN FOURTH QUARTER*
England
&
Wales
: 11.82%
Wales
: 22.64%
North: 20.48%
Yorks &
Humber: 18.58%
North
West
:
18.15%
East
Midlands
: 13.91%
South West:
13.21%
East Anglia
: 12.97%
West
Midlands
: 12.35%
South East:
8.31%
Greater
London
: 6.15%
*Land Registry
Check
out house prices in your area and across the UK
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The biggest annual gains were made in
Wales
, where house prices were up by 23% in the fourth quarter.
House prices rose the slowest in Greater London, being up by 6%.
In the capital, the volume of sales fell by 23% from 36,185 in
2003 to 28,041 for the same period in 2004.
There was also a decline in the number of million-pound
properties sold in the capital, with 436 properties over £1m
sold compared to 469 for the same period in 2003.
Although the figures point to a slowdown in the market, the most
recent surveys from Nationwide and
Halifax
have indicated the market may be undergoing a revival.
After registering falls at the back end of 2004,
Halifax
said house prices rose by 0.8% in January and Nationwide
reported a rise of 0.4% in the first month of the year.
Members of the Bank of England's rate-setting committee will make
their latest decision on interest rates on Thursday.
Article courtesy of www.bbc.co.uk
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