HOUSE prices fell slightly during October, after annual growth rates had shown signs of picking up in September, new Government figures have revealed.
The cost of the average property dropped by 0.3% during the month to £186,103, led by larger falls in the price of detached homes and terraced houses, according to the Office of the Deputy Prime Minister.
At the same time, annual house price inflation eased to 2.2%, down from 3.3% in the 12 months to the end of September, which had been the first rise in the annual growth rate for six months.
The figures come as other house price indexes suggest the property market may have turned a corner, but the ODPM figures tend to lag behind these as they are based on the price of a house at completion of a sale, rather than mortgage approvals as is the case with the Halifax and Nationwide indexes, while other surveys are based on asking prices.
Within England, annual growth remained strongest in northern regions, with prices 8.7% higher year-on-year in the North East, 7.2% up in Yorkshire and Humberside and 6.4% ahead in the North West.