British property values fall 1.7% over first quarter of 2012

The fall in house prices over the quarter was felt across Britain, however Scotland performed best with average property values falling only 1.4% to £162,777 over the quarter, still up 4.1% over the past 12 months. In England, average values have dropped 1.7% since the start of the year to £222,849 and are down 3.2% on a year ago, while average house prices in Wales fell by 1.5% over the quarter to 149,629 and remain 3.3% lower than a year ago.

Over the past 12 months, all but six cities in Britain’s have seen property prices fall. Edinburgh has performed best, up 5.2% over the last year whilst Huddersfield has performed worst with average home values down 6.4% over the same period. Even London has not been immune to the recent drops with property prices in the capital having fallen 2.1% over the past year. 

Nicholas Leeming of Zoopla.co.uk commented: “It has not been the best start to the year in terms of house prices however market activity has begun to show some positive signs of life. For some, the drop in prices is an incentive to act, as more properties become affordable.”

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0 thoughts on “British property values fall 1.7% over first quarter of 2012

  1. Simon Ellis

    I welcome the fall. Property prices in Britain remain unaffordable and divert resources from more productive sectors of the economy. When interest rates rise further very large falls in propery prices will be inevitable.