The value of mortgages in the UK could begin to drop after new figures from the House Price Index, compiled by the Land Registry – which registers title to land in England and Wales – revealed an annual cost decrease in August of 2.6 per cent.
According to the study, this means the average property value in the two countries stood at £162,347 during the month.
In addition, the investigation showed a monthly change between July and August of a -0.3 per cent decrease – which represents a return to the negative rates witnessed throughout May and June.
London was the only region in the two nations to post an increase in its average property value over the last year.
The capital recorded growth of 2.1 per cent, while the east saw the most sizeable monthly upturn at 0.8 per cent.
At the other end of the scale, the north-east endured the biggest annual price dip, registering movement of -7.8 per cent.
