Mike Bell - Weston-super-Mare's next Liberal Democrat MP

North Somerset house prices fall to 2006 levels

9.30.57am GMT Tue 6th Jan 2009

North Somerset house prices

Image sourced from www.landregistry.gov.uk

Average house prices in North Somerset have fallen back to 2006 levels in recent months according to the latest figures from the Land Registry obtained by Weston-super-Mare's Liberal Democrat Parliamentary Candidate Mike Bell.

Since November 2007, nearly £17,000 has been wiped off the value of the average North Somerset home with further falls expected in the coming months as the recession continues to bite.

According to the latest figures available, the average local home sold for £182,068 in November 2008 compared to £199,066 in November 2007 and £182,427 in November 2006.

The figures come as the latest Nationwide House Prices Index, published this morning, reported that average house prices in the south west fell by 14.9% in 2008.

Mike Bell commented: "House prices in North Somerset have fallen for six consecutive months and we are seeing no sign that this trend is being reversed. At a time when people are rightly very concerned about their job prospects, the growing threat of negative equity as house values fall will be a massive worry for many local people.

"Although the Government is making the right noises about stabilising the property market and protecting homeowners, in practice its ideas are not being followed through."

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Previous news story: It's time to do thing differently: A New Year Message from Nick Clegg (Thu 1st Jan 2009).
Next news story: Mike backs Bill to end fuel poverty (Tue 13th Jan 2009).

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