The value of mortgages in the UK dipped in September after annual house price drops were recorded in England and Wales.
According to data from the Land Registry House Price Index, the month witnessed a 2.6 per cent fall in the cost of a typical dwelling.
It meant the average home value stood at £162,109, with a monthly decrease from August to September of 0.3 per cent, marking a continuation of the negative monthly price change of 0.1 per cent reported for August.
London was the only region to see an increase in property costs over the last year, following upward movement of 2.7 per cent.
Mortgages values in the capital may therefore follow suit and show a slight upturn, unlike the rest of the nation.
Indeed, the north-east of England experienced the greatest annual price drop with a decrease of 8.2 per cent, coupled with the largest monthly change of -3.9 per cent.
The figures come after director of Mouseprice Selwyn Lim recently suggested first-time buyers might consider the north when weighing up their mortgage options, as increasing numbers head away from London.
