By Max Clarke
There was no change in house prices in England and Wales from May-June, with the mean remaining at £161,479.
The monthly change of 0.0% comes amidst an overall decline of 2.5% in the UK for the first 6 months of the year.
London again emerged as the only region to see property prices rise, driven by a combination of overseas investment and local demand. Investors have increasingly turned to property in London as a means of assuring stable returns at a time of broader economic uncertainty- exemplified by Ukrainian billionaire oligargh snapping up the UK’s most expensive flat for £136 million.
The North East experienced both the greatest annual price fall with a decrease of -7.1% and the most significant monthly price fall with a movement of -2.1%, according to the latest figures from the Land Registry.
Other highlights from the latest property figures reveal a drop of over 11% in the number of completed houses, and a 45% surge in the number of properties valued at more than £1 million.
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