How are house prices moving in your area?

Posted in 'Neighbourhood' by Richard Catlin

10 October 2007

House prices fell by 0.6% in September according to the latest figures, and some experts are forecasting that the next two years will see a slump in prices – predicting a 3% drop in both 2008 and 2009.

Overall figures in the third quarter of this year rose by 0.9% - but as part of the bigger picture, this represents a significant slowdown, following growth of 3% in the first quarter and 2.3% in the second quarter of 2007.

Price changes varied significantly across the UK in the three months to October. The biggest price increases occurred in Greater London, up 2.3%, though again, this represents a slower rate of growth than in previous months. Prices in the North fell 2.1% in the last quarter.

There is an ongoing debate about how house prices are likely to change over the next couple of years, and arguments about the validity of the figures.

One of the main reasons for this is the way that the data used to report average prices is collected. Lenders such as Nationwide and Halifax use the value of the mortgages they approve to assess house prices, whereas the Land Registry use the actual figures that houses are sold for. Obviously, this creates discrepancies.

If you’re looking to find out the average house prices in any UK postcode, including the trend over the last 12 months and the price according to property type, you can do this completely for free on checkmyfile.

We’ll show you the actual prices that properties have sold for, rather than numbers inferred from mortgage lending, and so you’ll be able to build a good picture of how the market in that area looks.

You can search as many postcodes as you want - completely for free. Simply click here.

If you are having trouble getting a mortgage in the current tight market, try this specialist broker.