Tuesday 8th April 2008
The average property declined in value by 2.5 per cent during March, according to the latest house price report from Halifax.
This is the highest rate of decline noted by the lender's survey since September 1992 when prices slumped by three per cent.
The decline in March follows a fall of 0.4 per cent in February and means that prices have slipped one per cent during the first quarter.
Meanwhile, factoring in the latest data the rate of annual house price inflation has now dropped to 1.1 per cent - the lowest figure for 12 years.
Martin Ellis, Halifax chief economist, said: "This fall is continuing the pattern whereby the market is readjusting.
"Sellers are having to adjust the price they ask for their properties."
Some areas continued to experience rises during the period, in particular East Anglia, Greater London and the East Midlands, which saw prices increase by 1.4 per cent, 1.6 per cent and 2.2 per cent respectively.
|
Mortgages
.gif)
.gif)
.gif)
.gif)
