| From Lovemoney.com: There is one simple reason why house prices need to drop: for decades, they have risen many times faster than wages. According to the Land Registry (which records all residential-housing transactions in England and Wales), the price of the average house dropped by 2% in February.
Over the past twelve months, the Land Registry's house-price index has fallen by almost a sixth (16.5%). The Land Registry calculates that the average property in England and Wales is now worth £153,862. This equates to a drop of £30,361 in one year, or over £2,500 a month. After eighteen months of falls, property prices have been rolled back to a level last seen in September 2004.....Full Article: Source |