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House prices down 0.2% in September

The latest figures from the Land Registry show house prices fell 0.2% in September, resulting in an annual price increase of 5.2%.

All regions in England and Wales experienced increases in their average property values over the last 12 months.

The region with the highest annual price change is London with an increase of 8.8%. The region with the smallest annual price rise is the North East with a movement of 0.2%.

Yorkshire & The Humber experienced the greatest monthly rise with an increase of 1.5%. The West Midlands experienced the most significant monthly price fall with a movement of -1.4%.

The most up-to-date figures available show that during July 2010, the number of completed house sales in England and Wales rose by 1% to 64,411 from 63,612 in July 2009.

The number of properties sold in England and Wales for over £1m increased by 59% between July 2009 and July 2010, from 563 to 896.

David Whittaker, managing director of Mortgages For Business, says: “With prices stagnating, property investors and professional landlords have an opportunity to boost their portfolios ahead of the chaos that will ensue when social housing is cut.

“The private rental sector will have to play the role of Atlas, holding up the market in order to prevent a housing crisis. It will be tough, but new entrants to the lending market are helping to loosen the funding squeeze we’ve been suffering for so long. We need other lenders to follow suit. They need to wake up, realise that professional landlords are going to be the housing market’s only hope over the next few years, and put their hands in their pockets.”

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