House prices fall across South West

House prices increased last month across England and Wales, but the boost was driven by London while more than half of regions including the South West saw prices fall year on year, Land Registry figures show.

Prices rose by 0.8% in July compared with the previous month to reach £162,900, which is also an annual increase of 0.3%. But a 6.5% annual increase in London, taking average prices to £367,785, helped to mask drops in many other regions.

Prices fell year on year by 1.3% in Wales, by 2.5% in Yorkshire and the Humber, by 1.9% in the South West and by 3.8% in the North East.

The North West recorded the biggest year-on-year fall, with a 3.9% decrease taking typical prices to £109,235.

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