March sees house prices fall for sixth consecutive month

According to a recent report March saw house prices in the UK fall for the sixth month in a row, which has left the average house prices in England and Wales standing at £174,100. Officials from Hometrack state that this puts house prices inflation at just 0.4% for the year.

Annual house prices inflation has hit its lowest level in twelve years according to officials, with house prices said to be just 1.1% higher than they were a year ago.

Experts are predicting that house prices will continue to fall over the next couple of years, bringing an end to the house price boom of the last decade.

One industry official stated: ‘Some bounce-back in market activity was inevitable after what has been a prolonged period of weak market activity. However the growth in demand over the last two months is only a third of the level seen in previous years so the spring market is likely to be a non event this year. Continued uncertainty in the financial markets, affordability pressures and weak buyer confidence are all likely to suppress levels of market activity in the months ahead with pricing levels remaining under pressure.’