Land Registry: House price inflation stops
The housing market in England and Wales is weakening, new price research from the Land Registry has shown.
According to the body, minor rises and falls were registered across the country for February - with property costs in the West Midlands increasing by 1.3 per cent and those in Wales dropping by 1.1 per cent.
There was a 0.4 per cent fall in London and 0.3 per cent drops for the north west and the north east of England respectively.
However, small rises were also registered in the East Midlands, Yorkshire and the Humber.
Nationwide, the average property was found to cost £185,616.
Overall, a 5.3 per cent annual inflation rate was returned with the latest monthly report.
The Land Registry also released quarterly figures for the number of properties sold in late 2007 - which showed a year-on-year fall of 25,000 homes.
This drop can be attributed to the credit crunch - which has led to mortgage loans firms tightening their lending criteria, making it more difficult to secure credit to buy a property.
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