House prices fall in North East
Properties in the North East saw prices fall by an average of 1.1% in the year to April 2015, data from the Land Registry showed.
Across the whole of England and Wales house prices were up 5.1% on an annual basis. The average property value was £179,817 in the month which compares with the peak of £181,014 recorded in November 2007.
London experienced the greatest increase in house values over the last 12 months with a growth of 10.9%.
House prices across England and Wales were up 0.9% month-on-month, although these figures varied between areas. Yorkshire and the Humber saw the greatest monthly rise, with the average price growing by 2.7%.
Wales saw the biggest fall in prices compared to March, with property prices down 1.1%
The number of completed house sales in England and Wales during February 2015 was 54,103, down on the 64,994 recorded in February 2014.
Jonathan Hopper, managing director of the buying agents Garrington Property Finders, said: “The political uncertainty and the potential reforms that buyers faced led thousands – especially those at the top end of the market – to hold off on their purchases.
“But while it’s no surprise that these Land Registry figures show the number of transactions were down, it is encouraging to see how well prices held up in April.”