Commercial Property News

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Wednesday, February 08, 2024

House Price growth in 2005 weakest in a decade.

House price growth in 2005 slowed to its weakest rate for any calender year in a decade, latest Land Registry data showed.

House prices in England and Wales fell 1.7 per cent in the fourth quarter of last year to an average of 191,327. Over the year, prices rose 4.6 per cent, the slowest pace since figures began in 1995. This compared with the preceding three years of double-digit growth.

The slowdown followed a dip in house values towards the end of the year. However, the figures masked a sharp rise in sales of luxury homes, with deals involving properties worth more than 1 million up by nearly a quarter.

The Registry's figures cover price on completion of property transactions in England and Wales. They are seen as more authoritative but less forward - looking than measures that survey prices at an earlier stage.