Property prices and sales falling in England and Wales, latest index suggests

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Property prices and sales falling in England and Wales, latest index suggests

Average property prices in England and Wales fell by 0.3% in April and by 0.2% quarter on quarter to £285,082, according to the latest residential index to be published.

Sales were also down, falling by 12.6% quarter on quarter and by 15.4% month on month, the data from the LCPAca index shows.

But in the new build sector prices increased quarter on quarter by 0.2% to £341,409, although in this sector sales are down substantially with a quarterly fall of 18% and representing 9.9% of the market, down from a 14.4% high in June 2016.

In the Greater London area prices remained largely unchanged, up 0.2% in April and reversing a fall in March, and up 0.6% quarter on quarter to an average of £609,965. Sales are down by 15.3% month on month and by 7.9% quarter on quarter.

However, the average price of a new build increases by 2.5% on a quarterly basis but sales were down by 18.5%. Buyers in London pay on average 10.7% more for a new build, the data also shows.

The price of a new home in the prime central London market increased by 31.9%, but sales in this sector were down by 15.6% annually. Overall, average prices fell by 2.9% in the prime market and sales were down by 7.6%.

According to Naomi Heaton, chief executive officer of London Central Portfolio, the prime central London market has experienced unprecedented pressures with a series of new taxes targeted at the residential sector, in particular higher rates of stamp duty.