UK house prices falling, government figures show

For Sale signs Most indicators suggest prices are now falling

The recent fall in house prices has been confirmed by official government figures.

Prices dropped 0.7% in the three months to September according to the monthly index published by the Department for Communities and Local Government (DCLG).

That compared with a rise of 1.6% during the preceding three months.

A 0.8% drop in September alone pushed the cost of the average UK home down to £211,815, just 6.1% up on a year ago.

In August, prices had been rising at an annual rate of 8.1%.

The DCLG figures support the picture of the UK property market gained from other surveys from lenders such as the Halifax and the Nationwide, and from the Royal Institution of Chartered Surveyors (Rics).

These, along with official figures on mortgage lending and completed sales, have all pointed to a downturn in prices and activity since the early summer.

"House prices rose in all UK countries except Northern Ireland in the year to September 2010," the DCLG.

"There was annual house price growth in England (6.5%), Scotland (1.4%) and Wales (8.8%), whilst prices fell in Northern Ireland by 7.6%," it added.

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