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Houses 'cheaper than a year ago'

The average price of a house in England and Wales is slightly lower than that recorded a year ago, according to a property website.

Prices fell by an average 2.1 per cent in August and by 1.6 per cent in July, Rightmove said.

Houses in every region are cheaper except for Wales and Yorkshire-Humberside specifically, where prices increased slightly.

The largest drop in prices was in London, where housing costs are higher than anywhere else. The monthly fall in the capital was clocked at 3.4 per cent.

Across both England and Wales the price of the average house is 0.3 per cent cheaper than last year.

Rightmove's Miles Shipside said: "We're in limbo land."

Transactions are limited to those sellers willing to undercut others and to those "who can afford to do deals", he said.

He insisted the stability of the market is reflected in the fact that house prices are just 4.1 per cent lower than the average recorded four years ago, when Northern Rock collapsed and the credit crunch was on the horizon.

Copyright © Press Association 2011

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