House prices fell in seven out of ten regions

Figures from the Land Registry have shown that in September, house prices fell in seven out of ten regions in England and Wales, with overall prices down by 0.2%. Annual house price inflation also fell from 8.4% in August, to 7.2% in September, taking the average property in England and Wales to £177,299. The largest monthly decline was in Yorkshire and Humberside, where prices fell by 2.2%, while the average price in greater London dropped by 0.7% or more than £6,500, during the month. Meanwhile, according to the Registers of Scotland, the average cost of a property in Scotland between July and September was £170,190, up 5.2% on the same period in 2013. The total volume of sales was also up, with an increase of 9.1% on the same quarter in the previous year. A separate report by CBRE has shown that house prices are a third cheaper in locations 30 to 35 minutes’ commute from central London, and that an increase of one minute in travel time reduced a house’s value by about £11,400.

Japanese knotweed fines

The Telegraph reports that householders who fail to control Japanese knotweed in their gardens can now be prosecuted and fined thousands of pounds for anti-social behaviour under new Home Office rules. The new guidance explains how council officers or police can use community protection notices to "stop or prevent" people growing Japanese knotweed if it causes problems.The plant damages underground pipes, buildings and boundary walls, and grows in cavity walls as its tentacles seek out light.

RICS highlights construction industry concerns

RICS has warned that an increase in building work in the UK has exacerbated a staff skills shortage and decimated the available supply of materials. The institute surveyed the construction industry, finding that three quarters of respondents bemoaned a lack of bricklayers, while 71% agreed that rising demand since the last quarter posed a problem – up from 59% who agreed with the same sentiment in RICS’ second quarter survey. A net balance of 58% of respondents claimed finance was limiting their construction capabilities, with a similar proportion stating that planning laws were inhibiting them. The survey also found that 46% more surveyors reported a rise in activity, the eighth consecutive quarterly rise in workloads. Jobs secured in the private commercial sector reached a net high, while private house building grew in all parts of Britain. Additionally, Begbies Traynor found 12% less construction and property businesses in “critical” financial distress in the third quarter than in the second.

BoE system crash delays purchase of 2,450 homes

The Bank of England has launched an investigation into how one of the central pillars of the UK’s payments infrastructure collapsed for 10 hours, delaying hundreds of billions worth of deals. BoE governor Mark Carney pledged to discover what had gone wrong and whether officials had responded properly after the enforced closure of the £277bn-a-day Clearing House Automated Payments System (CHAPS), which affected thousands of house purchases and major interbank money transfers. The system was kept open four hours after its usual closing time on Monday evening to deal with a backlog of transactions - including the purchase of 2,450 homes - following what is believed to be the biggest shutdown in its 30-year history. At 6am, part of the Bank’s overarching Real Time Gross Settlement payment system, which processes transactions between banks, had been taken offline, leading in turn to the failure of the CHAPS, responsible for high-value payments and housing deals.

Drop the stamp duty "slab" system

The Times' Anne Ashworth says that the chancellor should follow the Scottish lead on stamp duty and move away from the "slab" system and introduce a marginal rate system. Ms Ashworth explains that in the short and long-term this would help first-time buyers.