UK house prices fall in March – Land Registry

The region in England and Wales which experienced the highest increase in its average property value over the last 12 months is London with a movement of 0.7%.

The North East experienced the greatest monthly rise with a movement of 5.6%.

Wales experienced the greatest annual price fall with a decrease of 5.5% and the most significant monthly price fall with a decrease of 4.1%.

The most up-to-date figures available show that, during January 2012, the number of completed house sales in England and Wales increased by 13% to 42,511 compared to 37,584 in January 2011.

The number of properties sold in England and Wales for more than £1million in January 2012 decreased by 6% to 467 from 497 in January 2011.

Nicholas Leeming, business development director at Zoopla.co.uk, said: “A number of London’s sellers decided to drop prices in February and March in order to keep buyers interested as the prospect grew of either a mansion tax or a new stamp duty threshold being announced in the Budget. As a result, the month-on-month fall in average prices in London is likely to be a temporary blip, however, the fall will put pressure on annual price growth in London over the coming months. The overall trend of average price falls demonstrates there is still some nervousness among buyers and this is putting downward pressure on prices. However, we have found that the majority of homeowners are still confident of price rises over the next six months. This confidence will need to be shared among buyers and activity levels will need to rise if we’re to see consistent growth in average prices this year, however, the fact remains that for buyers with healthy deposits and who fit current lending criteria, now is a good time to pick up a bargain.”

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