House prices fall accross England how has Southampton fared?

Prices have fallen 2.2pc in Yorkshire & Humberside, the Land Registry reports. Photo: Getty Images

By Anna White, Property correspondent

Property prices in England fell 0.2pc from August to September as prospective homeowners struggle to access finance. The biggest drop was seen in Yorkshire & Humberside, where monthly prices were down 2.2pc. Further declines were seen in the West Midlands (-1.3pc), followed by a 0.8pc fall in the East Midlands and a 0.7pc drop in London, according to the Government's Land Registry. The only regions to escape house price falls were the East, the South West and Wales. September data from the Land Registry - considered to compile the most accurate house price index based on sale values - showed an annual price increase of 7.2pc, taking the average property in England and Wales to £177,299.

However the monthly fall of 0.2pc echoes a raft of other indicies released last month.
Data from Hometrack and the Royal Institution of Chartered Surveyors both showed the housing market finally cooling.
This correction follows a year in which values and transactions were buoyed by pent up demand, flowing credit and the Government's Help to Buy scheme.
"This is a big monthly fall for Yorkshire & Humberside which has not seen the same profit as the south of the country and therefore this drop is not easily digestible," said Henry Pryor, private property buyer.
A lack of access to finance following a six month spell of regulatory pressure on lenders and buyers alike has dampened house prices, he explained.
The Mortgage Market Review was introduced in April, enforcing future interest rate stress testing, with reports of three-hour long mortgage application meetings and limited finance for contractors, freelancers and entrepreneurs.
These new, strict rules were followed up Mark Carney's policy to cap high low to value mortgages, which came into play the end of June. However, there are signs this October that the criteria is loosening again (although this will not show in the Land Registry data.)
Talk of interest rate rises and uncertainty ahead of next year's general election, is also having a dampening affect on the housing market as a whole.
London and the South East
The average house price in London increased 20pc in the year to August, according to the Land Registry, with luxury property in the capital's core now deemed the most expensive in the world by square footage.
However, the annual pace of growth in the mainstream market then dropped back to 18.4pc in the 12 months to September, with the monthly rate showing a 0.7pc fall to £460,521.
"These figures show there is still a disconnect between the sellers' and estate agent asking prices and they have to get with the programme. Even those who are bullish about the central London housing market have had to admit a drop in transactions over the last six to eight weeks," Mr Pryor said.

http://www.telegraph.co.uk/finance/personalfinance/houseprices/11192271/House-prices-fall-across-England.html