According to the latest survey by LSL Property Services/Acadametrics, In June 2011, the average house price in England and Wales fell by 0.8%, which brought down the annual price to 1.4%.
This significant drop in house prices is the largest drop since December 2010, with the average house in the UK worth around £219,365, a new low which hasn't been seen since January 2010. This therefore means that the marginal gains over the past 18 months have been obliterated, however house prices are far higher than those in April 2009, in which the average house price £200,234.
"In the current market, a monthly fall of 0.8% is relatively large. The greatest downward driver on national prices is the decrease in the price of high value homes due to a slump in demand following April's stamp duty rise for homes worth over £1m." - David Newnes, director of LSL Property Services, owner of estate agents Your Move and Reeds Rains.
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