Home prices fall down by 1.3 per cent in England and Wales last year

Home prices have come down by two main reasons like unemployment and the growing mortgage allotting. The number of sales in England and Wales came down last year, as the Land Registry has revealed its data as this shows that less people wants to buy home now, not a good sign for a economy.

London was the only place where the people had not found any decrement in the house prices and here the price goes up by 2.8 per cent to 345,000 pounds. But the value came down at very fast pace in the north eastern region of England where it dipped by 7 per cent figuring the regional average up to 99,000 pounds. On the other side, the Halifax has also revealed its data that figures about 1.3 declines in the prices across the UK.

Within the average fall of 1.3 per cent, there was an array of value movement in 2011. The maximum yearly fall was recorded at 17.5 per cent in Hartlepool along with another biggest one by 10 per cent in Merthyr Tydfill and Middleborough by same percentage. The agency also found the largest increment in prices in Westminster by 9 per cent.

Property agents have found that the prices have been hiked by the foreigner purchasers who moved their money out of their countries and they try to find a home by hook or by crook. And thus the house owners ask as much money as they can. It has been recorded in the central London by the agents. In Newham, the prices came down by 3 per cent and there were minor drop in 8 others London districts. Need cash to pay your home installments apply at 12 month loans for bad credit @ http://www.12monthbadcreditloans.co.uk/ and get funded instantly.

The Land Registry stated that the most costly property has been purchased in England and Wales last year was 19.25 million pounds for a separated home in many cities like Hampstead and North London. And the most inexpensive one has been purchased in England and Wales last year was amounting about 16,000 pounds for a terraced home in Middleborough.

The euro zone crisis has affected the economy and it has massively put effects on the mortgage market. The people have found it very hard time with the economy when they decide to purchase a property. We have witnessed very ups and down in the sales of property, as the Land Registry has been revealing the data.

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