October 2004 - Contradicting recent housing surveys, figures released by the Land Registry for the period from July to September, showed the the average UK home had risen in value by some 16.3% during the course of the past 12 months.

Their report means that they currently rate the value of an average UK property at £187,971. The survey may come as a surprise, given that both the Halifax and Nationwide have reported falling house prices, but closer inspection shows that the Land Registry figures do represent a fall from the 17% increase seen during the previous quarter (which encompassed early summer).

Recent housing surveys have generally suggested that we are now seeing a downturn in the UK housing market, although the figures being quoted have varied. Many analysts are suggesting that such a downturn can be explained as resulting from the interest rate rises implemented by the Bank Of England during the course of the past 12 months.