8
Apr
'Large drop' in March prices
House prices in the UK dropped by 2.5 per cent in March, new
figures released by Halifax have stated.
But price rises were witnessed in a number of areas, such as east
Anglia (1.4 per cent), Greater London (1.6 per cent) and east
Midlands (2.2 per cent).
Annual house price growth stood at 1.1 per cent, the organisation
added, with the average price of a property now hitting
£191,556.
Chief economist at the bank Martin Ellis said that despite the
overall outlook, any drop in prices should be placed against
increases that have taken place over the course of the last ten
years.
"The average UK price has risen by £120,860 during the past
decade from £70,696 to £191,556; an increase of 171 per
cent. Sound economic fundamentals are supporting house prices," he
commented.
Technical manager at Charcol Katie Tucker has this week said that
the mortgage market needs a rate cut this week to rejuvenate
it.