The UK’s housing market may be on the decline once again, as figures from the Land Registry showed a 0.6% slump in March property prices.
The drop in prices is bad news for the British housing market, but those looking to get on the property ladder will be buoyed by the decline.
The average house price fell to £160,372 in March, compared to the figure for February, and many homeowners may have to consider their mortgage options because of the downward trend.
Wales experienced the largest fall in property prices over the last year, with the average property down 5.5% to £113,036.
Other regions also followed suit with a sharp drop in prices, including the North East (-2.8% to £101,676), the North West (-2.3% to £111,264) and Yorkshire and the Humber (-2.2% to £118,204).
Some areas of the UK managed to buck the national trend and actually thrived in a year on year comparison.
Prices in London saw a modest 0.7% rise to £343,522. This was followed by East Midlands, which increased by a figure of 0.2% in March (to £123,879) while the West Midlands saw a 0.3% increase to reach £130,212.
The number of houses sold between January 2011 and January 2012 also increased by 13% from 37,584 to 42,511. The Halifax Price Index showed that prices also dipped in April by a figure of 0.2%.
“The price of a typical UK home fell by 0.2% in April, following a 1.0% decline in March. This is the fourth time in five months that prices have declined. House prices were 0.9% lower than April 2011,” said Robert Gardner, Nationwide’s Chief Economist.
“Much of the recent softness in measures of housing market activity and house prices is likely to relate to the expiry of the stamp duty holiday in late March.”