House prices 0.4 per cent lower than a year ago

This is with the exception of Northern Ireland, which has experienced strong falls in house prices since 2008

Seasonally adjusted UK house prices decreased by 0.6 per cent over the month

In the 12 months to March 2012, average house prices decreased by 0.3 per cent in both England and Scotland and 10.7 per cent in Northern Ireland. These decreases were offset by an increase of 0.4 per cent in Wales

The annual decrease in England was driven by decreases in London, which fell by 0.2 per cent, the South East, which fell by 1.4 per cent, and the North East, which fell by 0.9 per cent. This was the first year on year decrease in London since October 2009. The largest annual increase in regional average house prices was 2.2 per cent in the South West of England

In March 2012, prices paid by first time buyers were 2.8 per cent higher on average than in March 2011. For owner occupiers (existing owners) the prices decreased by 1.6 per cent in the same period

Prices of new dwellings rose by 6.9 per cent during the 12 months to March 2012, while the price of pre-owned dwellings decreased by 0.9 per cent in the same period

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